April 26, 2022
When helping people get ready for retirement, financial professionals find the same issues come up over and over. Thinking ahead can spell the difference between a retirement with enough money and a stressful one with difficult decisions that you don’t want to make. Here are 7 retirement considerations that every investor should think about:
The earliest age you can start Social Security is 62. If you retire at 55 or 60, then you might want to claim it as early as you can. But if you plan to work past 70, like many, there is no reason to take Social Security before then. Doing so reduces the amount you can receive at your full retirement age (66 for baby boomers born before 1954). You can have a very nice bump in your benefits every year you postpone taking Social Security. That bump is often a better deal for you than starting early and taking the most money you can.
Doing a financial plan once is not enough. Every year, you need to dust off the plan and go through the tests all over again. What you don’t want is to get to retirement and find out your assumptions never came true. That is unless you like potentially nasty surprises.
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All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by RSW Publishing.
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