While people are becoming savvier about their financial needs in retirement, most people are not aware of important information they will need to have a successful retirement. Here’s a review of some useful takeaways about retirement planning.
Consider delaying retirement. Many people nearing retirement age may actually choose to work a few more years for personal reasons. There’s also a financial benefit to that. The additional time at work can help you resolve debts and give you additional time to contribute to your retirement investments, such as deferred annuities, 401ks, or IRAs. Did you know that it is more effective to work two years longer or defer Social Security for two years than to increase contributions by 3% for five years prior to retirement? Social Security benefits increase each year that benefits are deferred from age 62 to 70.
Manage your retirement investments. While Social Security provides one avenue of retirement income, it is not meant to be the entire means that funds your later years. It’s a good idea to take the time to organize what you already have. Did you change jobs and leave a 401k without rolling it over? Do you have small mature savings bonds you could cash? Do you have money in CDs or in savings accounts? Do you earn dividends from stocks or life insurance policies? By taking the time to manage all of these accounts and consult with your financial adviser, you can create a more complete picture of what your retirement can look like.
There are different ways to achieve your many goals. Let’s look at some common scenarios:
Work with an expert. It can be daunting to know what to do, or to answer questions about the uncertainty of having enough money. That’s why it’s a good idea to work with a financial adviser and go over all of your debts, assets, and goals before you retire. An adviser will provide guidance that is unique to your needs, and then review and adjust that plan as needed.
You can get started on your retirement plan by discussing your goals with a Western Fraternal Life agent. Contact your agent or call 877.935.2467.
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Call 877-935-2467 to speak with a Western Fraternal Life Representative.