Most people are aware that their monthly income increases the longer they wait to begin receiving Social Security retirement benefits. However, despite having the option to receive up to 77 percent more by postponing their claim until age 70, most Americans choose to begin receiving benefits much earlier. Here is why you should hold off on claiming social security for as long as you can.
Many Americans are blissfully unaware of just how fast their hard earned money can actually fly out of their wallet, leaving them scratching their heads. Between the costs of living, housing and health maintenance, are you truly aware of how much you potentially have to work with within your budget?
Are you interested in maximizing retirement income? Fixed-rate, income, and indexed annuities provide several techniques for achieving this objective, either as stand-alone options or in sequence.
You earn money from your employment when you’re at work. However, it’s time to use your assets to make money once you retire. Transitioning to receiving income from a retirement portfolio can be challenging, potentially prompting some people to return to the workforce. But if you know how to use your current assets to generate money for you, you won’t need to return to the office.
It may take decades throughout a career to save for retirement, but a tiny and well-defined planning window leading up to a person’s elder years is crucial. Three to five years before your projected retirement date is a good time to fine-tune your strategy, assessing everything from your financial objectives, likely lifestyle changes or decisions, and frequently missed non-financial factors.
No matter your age, owning rental property is a smart idea. However, owning real estate after retirement may be very advantageous since it can help you diversify your retirement income and boost your retirement savings.
Mutual and exchange-traded funds (ETFs) are sometimes used interchangeably since they have many characteristics and may achieve the same essential investing objective: portfolio diversification.
There is a straightforward approach to boosting your retirement security rapidly, but far too few seniors are taking advantage of it. According to a recent study paper, nearly all Americans should wait beyond age 65 to collect their full Social Security payments, and more than 90% should wait until age 70 to get even more. However, just 10% wait until age 70 to collect Social Security.
There’s no disputing that you’ll have to make several decisions regarding your retirement over your lifetime. Nonetheless, two decisions are the most crucial if you wish to simplify matters.
While we are accustomed to seeing mortgage rates at record lows, the situation is swiftly changing. For the first time since 2009, the average 30-year fixed mortgage rate has surpassed 5% and is currently sitting around 5.25 percent. This is a significant increase in a short period. How can you prepare for an increase in interest rates? What will this mean for the real estate market? Your retirement plans?