Living Longer Means Greater Retirement Risk!
Mark S. Gardner
There are important considerations that you need to make as people today are living 30 or more years in retirement. Longevity is a two-edge sword because the longer you live the more likely you’ll experience some form of financial hardship.
With the future uncertain one could face a need for some form of long-term care, a market crash or inflation creeping in and putting a hardship on your ability to live off your retirement portfolio. All these actions can have a devastating impact on your financial security.
With 10,000 baby boomers coming-of-age each day one of the major fears they face about retirement is running out of money. Many people still claim their Social Security benefits early and permanently reduce their benefits for the rest of their life.
― Willie Nelson said it perfect, “The early bird gets the worm, but the second mouse gets the cheese.” There are 567 strategies that are used to determined what is best for you to receive by maximizing your Social Security payment. Timing your Social Security benefits is one of the most important decisions you’ll ever make for retirement. Many people spend more time planning their vacation, buying a car or refrigerator than they do contemplating this critical decision.
Per Social Security Administration, in 20 12/37% of men and 42% of women took their benefits at age 62, permanently reducing their monthly benefit. Redeeming news is that these numbers are down from over 50% in 2000. About 31% Amana 25% of women have waited until age 66. Only 1% of man into percent of women waited until age 70 and the rest started taking their benefits between age 66 and 69.
For most people, it comes down to two simple questions:
It typically pays to delay collecting your benefits as your answer depends on several factors:
If you’re concerned about maximizing your Social Security benefits, I can help make it an easier decision and less stressful for you. Just call me 214-762-2327 or email me at MarkGardner@RetireWellDallas.com
Your Money Matters” Committed to maintaining the highest standards of integrity and professionalism in our relationship with you, our client”. We endeavor to know and understand your financial situation and then provide you with only the highest quality of information, services, and products to help you reach your goals. We work hard on your behalf to tailor a solution that best fits your needs. Certified in Social Security Claiming Strategies (CSSCS) designation.