Too many seniors still take the Social Security claiming decision too lightly – it’s a mistake that can cost them tens, if not hundreds, of thousands of dollars of retirement income during their lifetimes. And, often, the decision is made based on false bias or assumptions rather than a solid planning strategy.
The SECURE Act 2.0 may do a lot to help secure Uncle Sam, but I’m not so sure about the rest of us.
For some people, planning for retirement can feel like trying to eat an elephant; but, it doesn’t have to be that way. Before making big decisions, it’s always important to get the ducks lined-up first.
Retirement decisions can be momentous. Which year you would have remembered would depend on if you retired back then… and which year!
Retirement planning was much easier during working years than the challenge of managing after retirement. During the working years it’s relatively simple: just keep stashing money into your retirement plan and let the markets, over decades, do the rest!
Longevity risk is real. Accumulating assets for retirement was a lot easier than managing retirement income. Now you practically have to be an actuary to make sure your money doesn’t run out before you do!
Longevity risk is real. Accumulating assets for retirement was a lot easier than managing retirement income. Now you practically have to be an actuary to make sure your money doesn’t run out before you do!
Remember when we heard the SECURE Act eliminated the stretch IRA for most all non-spouse beneficiaries?
Investment strategy tied to a plan can be powerful. Doing things a little differently can make a big difference.
Many people believe they should take Social Security early in order to keep from drawing down IRA assets, believing that the longer they can grow the IRA tax-deferred, the better off they’ll be.
Are they wrong? Maybe. Maybe not. Different people are in different circumstances.
There have been some changes to Social Security this year.
