Revealing the Secrets for the Best Retirement Now

Retirement is one of the biggest lifestyle changes that you’ll ever go through. Going from a committed timetable of work to having your days free, is a major adjustment.

Thankfully, there are endless ways to make full use of your time during retirement, and even change your financial situation.

Take a look at our top three ways to unleash the potential of your retirement in 2018:


Treat Yourself to the Trip of Your Dreams

One of the best ways to start your retirement off right is to take the trip of your dreams, the one that you may have been planning for years but have never quite found the time to go on. A big trip is the perfect time to enjoy new experiences that you’ve always wanted to explore, be it snorkeling, skiing, sky diving, or just relaxing on the beach.

Of course, big trips don’t come cheap, and if you’re concerned about finances in retirement, then it’s worth making full use of the financial planning tools available. Using a financial planner can help you to stay on top of big expenses, like trips abroad, and make sure that you’re not spending more than what your budget allows.


Take the Time to Make New Friends

Retirement is something that everyone goes through, which means that there is going to be a lot of people in the same situation as you close by. Making new friends can stop the feelings of loneliness that many people go through when they suddenly find themselves adjusting to the changes to their daily routine, and naturally spending less time around other people.

There are multiple groups designed to help you make friends in retirement if you’re not sure where to start. Affinity groups can make it easier to meet new people and form close bonds through your retirement that’ll make the new lifestyle much more enjoyable and sociable. Websites like and, are wonderful places to check out.


Keep a Check on How Much You’re Spending

While retirement may mean an end to the 9 to 5 routine, it doesn’t mean that financial responsibilities and planning are also at an end. It’s normal to be concerned about spending during retirement. One of the best ways to combat the problem of finances is to start living off income generated through savings, rather than reducing your main funds.

For individuals that can’t survive solely off income generated, then a 4% annual withdrawal limit is the bar set to make sure that funds don’t run out later in your retirement. This means that avoiding certain big purchases can sometimes be a must.

There are multiple tools that can help you to evaluate your spending and make sure that you aren’t spending too much, but it can also be wise to reduce spending where possible. You can implement a spending plan to help reduce expenditure on things you might be paying too much for, like insurance coverage, hobbies that you no longer enjoy, and food costs.

If you need help making sure that your insurance coverage is right for you, or you want to try and reduce the cost of your essential insurances, then please give us a call today.

Is It a Good Time to Retire? Retiring in 2018 or 2019

Retiring gives you the freedom to go out and pursue your dreams and finally have the time to really enjoy yourself. However, it’s a big decision. If you’re considering retiring in 2018 or 2019, there are some major things that you should consider first.

Are Your Savings Substantial Enough?

The first big consideration is the size of your savings, and especially, how long they will be able to last. To work out whether your savings are substantial enough for you to be able to live on the income, and still have some spare to enjoy yourself, there are a number of methods that you can use:

  • IRS Required Minimum Distribution (RMD) Tables – From 70 ½ years of age, RMD tables will be able to specify the exact amount that you have to withdraw from your tax-advantaged retirement accounts on a yearly basis.
  • Annuities Shopping – Despite potentially high fees, annuities can give you a retirement income that is guaranteed. Picking an annuity, like a deferred fixed annuity, can help you gain a reliable retirement income.
  • Percentage-Based Rule – Using the 2.5% to 3% rule means that you withdraw that amount each year and increase for inflation. If you can survive on that amount, then your savings are likely to be the right size for retirement.

It’s worth taking a look at all of the different methods for calculating whether your savings are big enough. Many people spend much more than they were expecting in the first years of retirement, so it’s important to factor that it, as well as all the new expenses that you might not be used to paying, and those that you’ll no longer have to pay.

Does Social Security Factor into Your Retirement Plan?

Some people choose to use their social security benefits at the start of retirement, whilst others choose to wait. If you know that you’re going to need your social security benefits, that it’s important to really consider your retirement age.

If you retire after you’re 66 (for those with birthdates between 1943 and 1954), or 67 (if you were born after 1960), then you’ll meet the Full Retirement Age (FRA). Not meeting the FRA means that you’ll have to sacrifice part of your social security benefits. If you wait until you’re 70 years of age, you’ll have fully maxed out your social security benefits.

Can You Cover the Extra Costs of Healthcare?

Anyone who retired after the age of 65 is entitled to Medicare, but this doesn’t cover everything. From the cost of hearing aids to nursing homes, there are a range of things that Medicare won’t cover. Coinsurance costs and expensive premiums also have to factor into your expenses and budgets in retirement.

According to the Employee Benefit Research Institute, for a 90% chance of fully accounting for your costs for healthcare after retirement, you’ll need savings of about $370,000. High premiums may also have to be paid, even if you qualify for subsidized coverage.

How Does the Tax Situation Differ?

With the exception of funds held in a Roth IRA or Roth 401(k), withdrawals will still be taxed after retirement. It’s possible that up to an 85% tax rate will apply to your benefits, and you may have to pay tax on your social security benefits. When working out if 2018 or 2019 are the right years to retire in, it’s essential to work out how tax will influence your income and savings.

Is It the Right Time for You to Retire?

If you can safely say that your finances are in order and fully prepared for retirement, then 2018 or 2019 may just be the perfect time for you to retire. Still not sure whether your finances are in a suitable condition? If you’re worried about going into retirement, then it’s never too late to get your savings back on track for a worry-free retirement.

Always searching for ways to make your retirement easier? Call us today for advice and guidance about your personal insurances and how they might be different as you start considering retirement.

Hedging 7 big retirement risks

Do you have enough money to last you throughout your retirement? A cornucopia of circumstances could easily see your retirement plans landing in the gutter, but here we offer you a look at some ways to reduce your retirement risks and look forward to your golden years without worry!

1. Plan to live for a long time

According to Stephen Horan, head of private wealth management for the CFA Institute and co-author of “The New Wealth Management”, the average American is currently likely to live to the ripe old age of 78. This is a big improvement on the 61-year life expectancy we could expect in the 1930s, when the Social Security program was first created.

If you exercise regularly, have a healthy diet, and have a history of longevity in your family, then you may see yourself getting closer and closer to a century of life. You should plan your life accordingly, aiming to save enough money to cover yourself if you do indeed live a very long time.

As Ken Fisher, CEO of Fisher Investments says:

“Overwhelmingly, the biggest [risk] is the risk of outliving your money. Most people underestimate the amount of time they’re going to live, and they invest as if they’re going to die in 10 years.”

2. Take inflation into account

Let’s say that inflation occurs at a relatively low rate of 3% a year. Over 20 years, your money will have lost half of its total purchasing power. Cash amounts that sit in a bank account untouched simply lose their buying power as inflation inevitably marches on.

It is therefore very advisable to invest in inflation-protected securities or other investments (such as real estate) which will rise in value along with inflation. Investments such as stocks and housing allow your assets to remain valuable as prices increase, assuming that there isn’t a sudden economic crash.

3. Diversify your portfolio

Remember to diversify your portfolio, as this minimizes your potential losses if a sudden crash happens in one area, such as the housing market. Diversifying your portfolio leaves you with options in hard economic times!

4. Consider reinvestment strategies

It’s possible that your investments will mature at an inopportune moment, so remain prepared at all times. For example, a bond may be called earlier than expected, such as at a time when too-low interest rates cannot replace your investment with another similar and profitable investment.

Avoid having all your investments coming due simultaneously, and ensure that you have something coming due every year which can be repositioned into long-term interest rates.

5. Be aware of the sequence of returns

Set aside two years’ worth of living expenses, with it acting as a sort of buffer. You can draw down from this cash when the market is down, as opposed to selling parts of your portfolio. Similarly, you can sell your investment at a profit when the market is up and doing well.

If you’re looking to cover those essential living expenses, you can also purchase annuities and other investments with guaranteed returns. This allows you to only deal with the sequence of returns when it comes to your excess funds.

6. Protect yourself against fraud

Fraudsters (both online and offline) love to prey on the elderly, as they run the risk of being “behind the times” in terms of technology, and also run the risk of becoming cognitively challenged as they get older and older. Some fraudsters are also just incredibly good at tricking people, regardless of their age or health.

While you’re still fit and able, be sure to educate yourself on how the financial professionals in your life operate. How are they paid for their services? Are you paying them a fair amount? Are they incentivized to upsell you on things you don’t really need?

Ensure that you understand the processes that are going on concerning your money, and similarly ensure that you completely trust everyone who has access to (or control) of your finances in some way, shape, or form.

7. Understand tax implications

Good financial advisors will help you to withdraw from your investments without causing major damage to your financial portfolio. This financial advisor should also understand the tax implications of any investments of purchases too. Depending on where you live, your financial situation, and your circumstances, you could see yourself paying unreasonable amounts in taxes if you make unwise purchases and investments. Americans pay thousands of dollars in taxes every year, so you need to ensure that the pros outweigh the cons when it comes to your assets’ tax implications.

Trying to find more ways to protect your retirement nest egg? The economy can take unexpected turns, so it’s important to have a foolproof financial plan in place for your golden years. Get in touch today for more advice about hedging your retirement risks!

Best Travel Medical Insurance for Seniors

You may wish to do some international traveling during your golden years, but you may find yourself being charged ludicrous amounts for travel insurance due to your age. Here we offer you some advice on getting the best travel insurance policies as a senior citizen!

What coverage do senior travelers require?

You need to review your health before you purchase medical travel insurance, as you’ll definitely be asked about it. You also need to take into account any strenuous activities you may be undertaking during your time abroad, as well as the amount of time you will be away for. The costs for senior travel insurance will vary from country to country and provider to provider, so be sure to shop around. Generally speaking, your Medicare or other US-based health plans will not have any power abroad, so be sure to take this into account.

What are the travel insurance requirements for those who are 65 or older?

If you are 65 or older, your senior travel insurance plan should include emergency evacuations, repatriation of remains, hospital room and board expenses, ambulance service expenses, trip interruption or delays costs, loss of luggage or personal effects cover, and accidental death coverage. Many of these things are required for regular travel insurance too, but seniors have some additional risks that need to be taken into consideration due to their age and potential health problems.

Finding the right travel insurance plan for seniors

The majority of travel insurance providers will provide basic plans for seniors, with some also covering them under their normal plans. Age is a significant factor in calculating premiums, so be sure to check which age bracket you fall into for a particular company.

You’ll also need to ensure that your travel insurance covers the country(s) you’ll be traveling to, and be sure to keep in mind that some travel insurance providers offer higher deductibles or reduced maximums too. The 3 main types of travel insurance are emergency medical coverage, trip cancellation insurance, and 24-hour telephone assistance – be sure to assess which aspects you require the most.

As with buying regular travel insurance, it can be very useful to use an online comparison site in order to assess the different plans available to you. This allows you to weigh up the pros and cons of each plan, taking the costs and fees into account.

Recommendations for Senior Travel Insurance

From experience, we can immediately recommend Atlas Travel Medical and GlobeHopper Senior. These companies offer excellent customer service to seniors, as well as benefits which some other plans lack.

Atlas Travel Medical, for example, has maximum benefit sums of $1,000,000 up to age 70, $50,000-$100,000 up to age 80, and $10,000 for those who are 80 or over.

GlobeHopper Senior is set apart by its superior benefits, such as non-emergency medical evacuations, felonious battery benefits, and inter-facility transportation arrangements.

Whatever insurance provider you choose to go with, it’s important to choose senior travel insurance which protects you while you’re abroad. For more advice on the topic, get in touch with a member of our team today.

Should You Choose a Geriatrician for Primary Care?

Seniors are the fastest-growing segment of America’s population. By 2020, seniors will make up 16% of the U.S. population. As our nation continues to age, we’ll require more medical care and better access to medical services.

If you’re a senior, you know firsthand the specific medical needs that come with aging. So do geriatricians. As they specialize in helping seniors live healthy and balanced lives, they are the right medical professional to seek as you age.

If you have concerns with challenges listed below, it may be time to seek the help of a geriatrician…

 1. Frailty— It’s a nearly unpreventable part of aging, however frailty– defined by signs that include sudden weight loss, muscular tissue loss as well as weakness– could affect your capacity to live on your own. A geriatrician can help protect against or deal with frailty as well as creating a treatment strategy if necessary.

 2. Persistent medical problems— Managing multiple medical conditions is challenging. Joint inflammation, heart disease, diabetes, amnesia and mental deterioration when combined can be detrimental to quality of life. Geriatricians understand how these conditions evolved as well as ways to manage them concurrently.

 3. Numerous medicines— If you have multiple medical conditions, you’re probably managing them with more than one medicine. Geriatricians understand how medicines work together in a senior’s body. They also help to manage prescriptions to reduce negative side effects.

 4. Psychological challenges— Aging naturally features some degree of cognitive decrease & memory loss. Nonetheless, some senior citizens deal with less common conditions, such as Alzheimer’s, that need proper treatment. Geriatricians can differentiate the typical indicators of old age versus more major ailments.

 5. Caregiver assistance— Seniors may eventually require assistance with day-to-day tasks such as showering, toileting, clothing as well as simply eating. They might depend on family to care for them or hire outside help. A geriatrician can assist you– and also your family members– in deciding when it’s the right time to employ the help of a home health assistant or move to a caring nursing center.

If you’re ready to work with a geriatrician, ask your current health care professional for a recommendation. You can also look at these other resources:

Are you a Woman? Don’t Ignore This…

Heart disease is a significant issue for women… And many women disregard the symptoms and signs of cardiovascular disease… or don’t know what they are. At least 1 in 4 women don’t know how serious heart disease is.

Decrease your risk by being informed…

It’s important to understand that heart issues can affect all ages. Symptoms and signs to look for consist of:

  • Extended chest and also upper body discomfort
  • Pain or discomfort in the back, neck, or jaw
  • Anxiety, weak point, wooziness, as well as nausea or vomiting
  • Pain in the arms or shoulder region
  • Difficulty breathing

Keep Talking With Your Doctor

Of women surveyed, 63% confessed to cancelling doctor visits. 45% said they cancelled their doctors appointment because they wanted to lose weight before being seen. Heart disease is something that is dangerous and requires immediate intervention. Working with your doctor is important. Regardless of how you feel about your body image, start consulting with your doctor as soon as possible to being tracking your health.

Be Proactive

A surprisingly high variety of medical professionals report they do not go over cardiovascular disease with their patients. It is very important you work with a doctor who understands women’s health issues and how serious cardiovascular disease is for women. Regardless, do not wait for your physician to bring up heart disease. Know the signs and symptoms and also organize your health and wellness.

If you like seeing information on health and wellness, please call us with any type of insurance coverage related inquiries today.

Getting Health Insurance When You Retire

Those of us who have had lengthy careers with good employers have most likely never needed to worry about health insurance plans, as good employers will consistently reward their loyal employees with health benefits. If you’re approaching retirement age, however, you may need to evaluate your options when it comes to a health insurance plan for your retirement.

Below we offer a few tips to help you in this process!

1. Compare your options

The Affordable Care Act means that those retiring before the age of 65 cannot be denied health coverage for any pre-existing medical conditions. Despite being named the “Affordable” Care Act, its supposed affordability may seem rather steep to some people. Although you can get coverage, retirees between the ages of 55 and 64 will usually be paying at least $1,000 per month in costs. Although President Trump may modify the healthcare system, this aspect is likely to stay the same. This is potentially good news for those planning to retire between the ages of 55 and 64.

Those aged 65 years and older are eligible for Medicare, though there will be options that you will have to decide between. You have regular Medicare or the Medicare Advantage Plan, for example, each of which has their own associated advantages and disadvantages depending on your circumstances. is full of information, though talking to an insurance agent will help you to make an informed decision.

As you compare your retirement healthcare options, be sure to account for general healthcare costs every year. Your insurance coverage may cover a lot of things, but you should leave an additional $10,000 per person per year for other costs such as dental and premiums.

2. Discover group health retirement benefits

Before you do anything else, make sure that you examine your existing healthcare benefits and find out how they change (or go away entirely) upon retirement.

You may, for example, find that you have to option of continuing with your group plan. Sometimes you may have worked with an employer for enough years to receive retirement benefits. Additionally, you may reach an age which makes you eligible for certain health insurance benefits regardless of your past service. If necessary, go to insurance workshops and study the fine print on your employer’s health insurance policies for retired former employees. If you find that your employer doesn’t offer health benefits to retirees, you should check to see whether you can stay on the current plan in accordance with COBRA provisions.

3. Frequently review your plan choices

When fall’s open enrolment comes around, you should check to make sure that you’re getting the best bang for your buck with your health insurance plan. Plans change all the time, along with their fees and associated health benefits. An insurance agent can help you to find a plan that fulfills your retirement needs without plunging your bank account into the red.

4. Speak with an agent

If you need help, you can always speak with a health insurance agent who has ties to your area’s major health plan providers. Many health insurance agencies have retirement specialists who assess retirees’ health insurance options for a living. An insurance agent will compile information about your medical records and income, providing you with a list of recommendations based on your needs and annual budget. Working with a health insurance agent allows you to feel at ease, knowing that you’re working with someone who understands all the nuances of insurance policies and documents.

We’re always looking out for insurance information that affects your finances and your health too. Get in touch with us 24/7 and we will answer any insurance-related questions you may have.


Save More for Retirement with Term-Life Insurance

There’s a new way to save for retirement. For years, many experts have suggested saving for retirement utilizing life insurance policies. The challenge is, most of these strategies are tailored for those with incomes in the millions. The average American is left searching for an alternative retirement savings vehicle. The good news is, there’s a new way to save money for retirement while utilizing life insurance. Selecting a term-life policy with the cheapest rate can help save for retirement, and unlock additional funds for investment. Here’s how the process works.

Shop Around for Term Life Insurance

Those with dependents ought to explore life insurance as a means to preserve income should a tragedy occur. This holds true for single-income homes as well as multi. Mortgage obligations, college planning, retirement and more can be secured with the right life insurance policy. Surviving family members deserve the security they’ve come to rely on.

Life insurance comes in many forms with options available to suit nearly any lifestyle. Rate vary yet term policies consistently have the lowest. Term life insurance is often purchased by those too young to retire, as a measure to secure income in case of early death. Rates and policies for term life will vary based on age, health, and other influences. In some cases, the annual rate for whole life insurance can be almost ten times than term life. a 30-year-old male may spend approximately $750 annually for a 1,000,000 term life policy, while whole life coverage can range over $9000. That’s over $8000 in annual savings which can be otherwise invested.

With numbers like that, term life may be the right decision for those trying to save more for retirement. Term length and coverage amounts will depend on personal needs, wants, and desires. Age, health, and lifestyle will also affect term length, payout, and rates. Those over 65 may encounter challenges obtaining term life insurance. Review any employer-offered life insurance to reveal coverage limitations and determine if additional coverage may be appropriate. To help preserve a term life policy and its rate, opt for guaranteed-renewable term life with a non-cancellation clause. This can help manage rates and coverage, freeing up attention for other investments.

Adding Layers of Financial Security

With annual savings in the thousands, it may be tempting to go on a shopping spree. While that may satisfy a short-term desire, investing savings into intelligent savings vehicles can achieve more.

  • Emergency Savings Funds

Creating an emergency savings fund is one of the smartest ways to immediately invest savings. Most recommendations suggest a savings account of 3 to 6 month’s income; personal requirements will dictate. An emergency fund is a barrier between the unexpected and debt. Debt can lead to late charges, interest accumulation, and adverse credit ratings.

Any number of life changes can affect income. Rest assured with the security an emergency savings account can offer. While creating an account may place a short delay on saving for retirement, the added layer of security will more than make up the difference.

  • Long-Term Disability Insurance

Long-term disability insurance can help toward securing retirement. Persons below the age of 65 are more likely to become disabled than perish, leaving many people each year unable to earn an income. Relying on government assistance will likely result in high debt, and that’s for the percentage able to claim those benefits at all. There are nuances to disability insurance. Speak with a financial advisor to find out more about preserving income with long-term disability insurance. For those living alone, disability insurance can still be a necessary protection to help cover individual expenses, should a disability occur.

Disability insurance may be carried as part of an employer insurance package and is available for individual purchase. For those with disability insurance through an employer, be sure to review policy limits to ensure adequate protection. Oftentimes, employer-offered disability insurance lacks sufficient levels of protection. Loss of income can derail any retirement savings plan. Preserve income stability with long-term disability insurance and stay on track.

Start Investing

With term life in place to protect loved ones, the cushion of an emergency savings fund, and the assurance of long-term disability insurance it’s time to invest the remaining savings into retirement savings vehicles.

With annual savings reaching into the thousands a number of investment strategies become available. Speak to a financial advisor on ways to save for retirement utilizing annual life insurance savings. Taking more control over life insurance decisions and investing savings can have a significant impact on achieving retirement savings goals.

For more on saving for retirement, additional information on term-life insurance, or questions call today. Check back often for more on this, and other ways to improve health and wealth.

Part-Time Jobs for Active Retirees

More people are working during retirement. For an increasing number of retirees, working a part-time job post-retirement is becoming the norm. A Merrill-Lynch survey found over 70% of those planning to retire were planning to find a job afterward. For those already retired, almost half reported holding a part-time job while retired. For many, it’s simply a matter of keeping busy. Others may go back to work for social interaction, or to regain a sense of purpose. For almost a third of those surveyed, part-time work after retirement offers additional income. For most retirees, the best part-time jobs draw from their previous careers. Regardless of the motivation, today there are a number of part-time jobs available for retirees.


Those with a financial background can earn working from home as an accountant or bookkeeper. Many small business owners utilize bookkeeping services. Become a tax preparation agent and offer more services. Bookkeepers and accountants can typically create their own schedules and often, their own wages.

A working knowledge of financial software and Microsoft Excel is helpful for those interested in this position. An interest in numbers and a keen eye for detail are beneficial traits. In some cases, formal education in finance may be required.

Customer Service

Companies are always looking for great customer service help. Depending on the position, customer service positions can be on-site or remote, working from home. Retirees telecommuting from home can typically expect to answer phone calls and emails, while retirees working on-premise may speak to customers directly.

Patience is a plus for those interested in customer service. Telecommuters may benefit from previous computer experience.


Today a number of options are available for driving part-time. Ride-sharing services are appearing in more cities, enabling seniors to control their schedules while supplementing retirement income. In many cities, school districts and community organizations are hiring part-time drivers for buses and deliveries. Many of these positions offer flexibility perfect for retirees.

Depending on the (pardon the pun) route you take to become a driver, a commercial drivers license (CDL) may be required.


For those looking to share their lifetime of experience, becoming a tutor can be a great part-time job for retirees. Tutoring comes in many forms. In this position, retirees can help both kids and adults overcome academic challenges, and aid with test preparation. There may be other positions available in education. Contact the local school district and ask about part-time positions for former educators.

Experience and formal education is a plus for this position, yet depending on the employer the requisites will vary. Tutors can work for families, as part of a larger organization, and anywhere between.

Tour Guide

For those interested in an active position interacting with the public, becoming a tour guide can be incredibly rewarding. More than just museums (amazing places to work) tour guides are found in park, wineries and breweries, local walking tours and more. Earn income, experience history, and stay active as a tour guide.

Tour guides are found across a number of industries performing a diverse variety of functions. Starting locally is perhaps the best way to find the right tour guide position for you.

Many opportunities for part-time employment are available for retirees. For many, there may the option of returning to a previous position as a part-time employee. Retirement is the beginning of an exciting part of life. Get the most from yours.

Tips for Stretching Retirement Savings

A growing number of retirees are struggling to make ends meet. An estimate by the National Institute for Retirement Security places the average retirement savings at just over $30,000. With even the best investment strategies, it will still be challenging making that last years or decades. The numbers support this. According to the National Senior Citizens Law Center, over six million retirees live below the poverty line; that number continues to grow.

It’s still possible to save for retirement. At any stage in life, creating a financial plan to prepare for the future can help create savings and security for the future. The right savings strategy will vary depending on goals and ability, yet there are some tips that apply to nearly all. Start saving with a goal in mind. Here are 5 tips for saving enough to retire.

1. Determine Annual Expenses

Each year of retirement has set expenses. These will vary for the individual yet for most people these include healthcare, housing, meals and other daily necessities. Be sure to include ongoing utility payments, HOA memberships, and all regular debits regardless of obscurity. Sufficient retirement savings will cover these obligations plus any increases over time due to inflation. Speak to a financial planner for help determining the monthly cost of retirement and creating a budget to meet it.

2. Plan for Entertainment

Creating financial plans, many people often forget to include budgeting entertainment expenses. This can lead to a dull retirement or to spending money outside the prescribed budget. Either way, planning for entertainment expenses helps balance a financial plan for retirement. Regardless of how you want to spend your time, experts recommend adding 10% to the estimated cost. This creates a buffer, allowing you to get out and enjoy retirement.

3. Distribute Savings

The right savings vehicles for retirement depend on goals, ability, and much more. Planning for a successful retirement requires more than a savings account. Speak to a financial advisor about opportunities to boost retirement savings with stocks, bonds, and other investment options. With distributed savings and assets, personal income reserves are better protected from shifts in the market.

4. Postpone Social Security

Social Security payments increase at age 70. For those able to sustain on alternate sources of income before then, they stand to gain. Full Social Security benefits begin at age 66 yet a mere four years can add 32% more to the payout. A financial plan can help make this happen. Research shows 97% of Americans draw benefits before age 70. This means the overwhelming majority of people are missing out on retirement benefits. Start planning today to take advantage of increased Social Security payments each month.

5. Think About Taxes

Each year, the amount of income drawn from retirement savings is subject to taxation. Depending on the amount of income accessed the applicable tax bracket may shift. This can lead to higher tax payments than originally planned for. Speak to a financial professional about the smartest ways to draw retirement income while managing taxes.

Call today more on how to prepare for successful retirement. Regardless of age, it’s still possible to start planning for an enjoyable retirement. Take the first step, contact a financial planner today.

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