Do you know what your break-even age is? It’s the age at which you come out ahead by postponing taking your Social Security benefits. Here's how to figure it out, and what it means for your retirement. “When should I take Social Security?” I may hear that question more than any other. It’s often followed by a related question: “If I start taking Social Security at 62, I’ll collect earlier but I’ll receive a smaller amount. If I wait, I’ll collect more but for fewer years.
"When should I take Social Security?" I may hear that question more than any other. It's often followed by a related question: "If I start taking Social Security at 62, I'll collect earlier but I'll receive a smaller amount. If I wait, I'll collect more but for fewer years. What is my break-even age?" SEE ALSO: Time Claims to Maximize Social Security BenefitsThe timing of your Social Security benefits is important -- it could make a difference of thousands of dollars in your retirement income.
If you're like most investors, you've focused on making money for most of your financial life. But once you're retired or close to retirement, I believe you need to shift gears, to put protection ahead of growth in order to make your savings last. SEE ALSO: Is 4% Withdrawal Rate Still a Good Retirement Rule of Thumb? In other words, I suggest you should only take as much risk as is necessary to accomplish your financial goals.
Are ongoing trade negotiations with China negatively impacting the stock market? Find out my answer for this kind of speculation and what you should be doing with your investments in this week’s podcast: http://bit.ly/32cXZWg.
With Medicare enrollment starting today, beware of the new Medicare Plan Finder tool. Tune in to this week’s podcast to hear my recommendations for avoiding the confusion this tool is causing enrollees: http://bit.ly/2IPDcQF.
Is the “4% Rule for Retirement Savings” always a good rule of thumb to follow? Learn why it could be flawed and how to adapt in this week’s episode of Money Matters with Ken Moraif: http://bit.ly/33f0nvQ.