If you’re over 50 and concerned that you didn’t save enough for retirement, you may think that you have to or have been advised to work longer. Postponing retirement to 70 will allow you to accumulate more money, pay off debt and collect more money from Social Security. Those who could retire but don’t do so for many reasons: they fear losing a paycheck, they don’t have hobbies to keep them busy, high healthcare costs will affect their retirement income and Social Security until they go on Medicare at 65 or they have to stay employed to have health insurance to care for an ill spouse.
Have you considered the downside of not working longer? In addition to the above, if you retire in your late 50’s or early 60’s and decide to go back to work, you may have difficulty finding work. If you’re fortunate to find a good job, most likely you’ll earn far less than you were paid at your prior job.
Planning for retirement requires professional guidance. Investing in the stock market, saving more money or deciding to retire at a given age is nothing more than “a dart throw” when planning to retire. There will be challenges in the years ahead. Topics to plan for include avoiding large losses by owning the right mix of investments within your comfort risk level, living into your 90’s and not running out of money, loss of a spouse and his/her income, having a plan for costly long term care, a strategy to distribute more money with less taxes to your children, reducing taxes on your IRA, 403b, 401k or pension, Required Minimum Distributions, creating a strategy to provide a large monthly check when you retire to fill the income shortage if Social Security isn’t enough, a strategy to replace income if you are let go prematurely from work or have to retire due to health reasons and knowing which not to use for withdrawals or income.
A comprehensive plan will get and keep you on track. It’s easier than you think. An experienced retirement planner will guide, coach and advise you prior to and through retirement. Simply follow his advice. If you’re not sure where to start or would like a fresh set of eyes to assess your situation, consider what Lifeguard Financial can do for you. Together we’ll compose a plan that will allow you to retire with peace of mind. Or, if you’re already retired, Lifeguard Financial will provide solutions to your concerns.