Making your retirement nest-egg last through retirement isn’t easy. Company pension plans have all but disappeared, which means it’s now up to you to be your own actuary. Unfortunately, it’s not something many are equipped to do.
Social Security claiming decisions aren’t as simple as they may appear. The decisions you make for yourself can impact your spouse, your future taxes, and even the bite Medicare premiums take from your Social Security benefits.
The SECURE Act includes roughly 100 new rules for retirement affecting both individuals and businesses – all with tax implications and various effective dates. These are the most expansive changes to retirement rules in 40 years.
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!
