Making your money last.
The key to a comfortable and successful retirement is not outliving the money you’ve saved by creating a budget. Be careful with credit cards and new debt. Claim that senior citizen discount wherever it’s offered. Read the fine print about taxes on all your investments.
Be strategic about Social Security.
Social Security is available to you at age 62, but it’s great if you can wait. Take it early, and you get 25% less than if you wait until full retirement age of 66 at which time you’re entitled to 100%. If you can wait until 70, you get 35% more. People often coordinate Social Security benefits with spouses who are also eligible. Maybe one of you takes benefits early, and the other waits. Visit
ssa.gov for more information about social security or use our social security
calculator to help you estimate your social security benefit.
Tapping your retirement plans.
You may have a defined benefit pension plan from a former employer. Your 401(k) and perhaps IRAs will also likely play a central role. It’s your choice when to withdraw funds from these accounts. If you want to begin tapping them or simply want to roll them over somewhere else, make sure you understand all your options and the ramifications of every decision as well as the minimum distribution amounts. Distributions from traditional IRAs and 401(k) plans are required as you reach age 72. Develop a plan that is unique to your own lifestyle.
*Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.