One of the challenges facing many investors is planning for retirement. At Safe Harbor Financial, we talk to people from all walks of life every day, and we specialize in helping you sort out your options for the retirement lifestyle you want. To get you started thinking, we offer a series of at-home planning tools that take some of the mystery out of retirement planning. This article, called How to Potentially Optimize Social Security Benefits, takes an in-depth look at the choices and decisions you’ll want to make concerning the timing of your first Social Security check.
What do you want your retirement to look like? Do you intend to work at least part time after retirement? Have you been saving ideas on your retirement bucket list such as travel to places you will now have the time to visit? Perhaps your dreams include taking up a new hobby such as golf or tennis or more involvement in civic activities. What about decisions about where to live and in what kind of house? Many retirees decide to move closer to family while others choose to move to retirement villages with built-in recreational opportunities. And some decide to stay in the family home while others choose to downsize. What are your hopes and dreams?
When to retire is another question. And on top of that, there are decisions to be made about when to start taking Social Security. Depending on the strength of your retirement portfolio, you may choose to take it as early as possible if you will need that income for expenses, or as late as possible if your other retirement investments are sufficient to cover them. And this decision can be made independently of your spouse, again depending on your need for the extra income. Of course, the longer you can wait to begin Social Security, the more your monthly payout, and this article shows the impact of that decision in detail depending on your birth year and your age.
So take some time to review this information and note that it is one of a series of articles in our self-help resources called Retirement Quarterly. Each of the articles is designed to help you think through some of the basic decisions you and your spouse will need to make as part of your overall retirement and investment planning. Remember, Safe Harbor Financial offers a complimentary consultation to help you come up with a plan that fits your unique lifestyle, plans, and needs. There is no charge for this service and no hard sell. We simply believe that every person should feel safe and comfortable as their retirement approaches. And we offer alternatives to the volatile stock market with comparable returns. Many of our plans also include long term care insurance to help with unforeseen nursing care expenses down the road.