All About Social Security & Retirement Income Planning

If You Delay Retirement, You Should Also Delay This

Americans are delaying their retirement for many reasons, including rising costs of living and longevity. Workers now typically plan to work into their 70s, as opposed to the past when they would try to hang it up around age 62.
If you're one of those people considering delaying your retirement, there's another thing you should make sure you do: Delay taking Social Security.
For more help figuring out your personal retirement plans, consider matching with a vetted financial advisor for free.

(Source: Yahoo Finance)

Inflation and other economic woes are forcing people to save less money and rack up credit card balances.

Now, another worrying sign the finance trackers are noticing is that an unusually large share of retirement savers are taking money from their 401(k) plans to cover a hardship.

Nearly 0.5% of workers in a 401(k) plan took a “hardship distribution” in October, according to CNBC. It is the largest share since Vanguard started tracking the issue in 2004.

(Source: Washington Times)

It’s only the 1st Down. Let’s talk about the remaining moves for your retirement plans.

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(Source: Seeking Alpha)

Choosing how much to invest and save in order to maintain the desired lifestyle is a part of retirement planning. Setting your savings target by age can be a good way to organize your strategy and gauge how to track progress with your goals. You might also be interested in how much the typical retiree has saved at age 65, 70 and beyond. Focus on how much the average person has saved and possibly should have saved at the age of 70. Keep in mind, though, that your situation is still unique to what your goals are. You may want to work with a financial advisor to ensure that your savings goals are in-line with where you need to be later on.

(Source: Yahoo Finance)

Let’s make sure you are ready for 2023. Let’s talk today!

Work longer and delay Social Security

Working longer not only delays taking money out of your retirement investments, which allows them to continue compounding earnings growth, but it also pushes back the age at which you’ll need to start collecting Social Security payments.
Take that $202,000 investment portfolio. Invested in a conservative portfolio returning 5% annually — the historical average return on stocks is 11.9% — that money would grow to $233,840 in three years. Assuming you’re following the 4% rule for withdrawals, that would amount to $9,354 per year — an increase of $1,274 each year.

(Source: Yahoo Finance)

For many Americans, the idea of "retirement" still includes some type of work. More and more Americans are extending their careers into their late-60s. Some are taking part-time jobs to supplement their retirement savings and Social Security, and some see it as a way to stay active and keep their minds sharp.
Earning income from a job in retirement certainly has its benefits, but there are also some drawbacks to be aware of.

(Source: Buffalo News)

Thinking retirement? We are too. Let’s come up with a plan!

A nice, fat IRA, which certainly seemed like a worthwhile goal 30 or 40 years ago, today is doing many retirees and near-retirees no favors. All of this supports the idea that RMD planning should anticipate its necessity.

(The Wall Street Journal)

Reasons to pump the brakes on retirement. If you've been dreaming of retirement since you entered the workforce, you might have a certain idea of what it looks like when you're no longer working. But there's a chance you might not start retirement when you thought you would, perhaps due to circumstances beyond your control. According to a recent survey by the Nationwide Retirement Institute, approximately 40% of workers are planning to push retirement later in life due to inflation. While life doesn't always go according to plan, would-be retirees can make the best of a bad situation by delaying retirement. So, if you're on the fence, here's why you might want to consider retiring later than you originally thought.

(Source: Insurance WSMT)