Today, I want to look at the various choices we have when deciding how to save for retirement. Which type of, or collection of accounts, is right for what you are trying to accomplish? In last month’s blog we discussed the concept of the “3-Legged Stool” which included what I consider to be the three key pieces to a strong retirement income stream.
Retirement Income Planning
When to start? Should I continue to work? How can I maximize my benefit?
Social Security will be a critical component of your financial strategy in retirement, so before you begin taking it, you should consider three important questions. The answers may affect whether you make the most of this retirement income source.
If you are between 40 & 60, beware of these financial blunders & assumptions.
How much have you saved for retirement? Are you on pace to amass a retirement fund of $1 million by age 65? More than a few retirement counselors urge pre-retirees to strive for that goal.
What if something happened to me while my kids are still in school? Would they still be able to go to college? Would my spouse be able to stay in our current home? Would they have to downsize? What if one of the breadwinners in our house became disabled? Would we be able to maintain our current lifestyle and care for them?
Social Security Insecurity
Identifying Retirement Priorities