When Can I Retire & How Do I Make the BEST Choices?
Are you at the point in life where you are contemplating when to retire? If so, have you considered some the factors that may impact your retirement years such as:
- Do you know how much income you will need each month/year to support your desired lifestyle?
- This is most commonly known as a BUDGET or CASH FLOW PLAN. It is one of the foundations for a successful retirement. You MUST know how much you spend in order to effectively plan for retirement.
- When to turn on your Social Security benefits?
- In order to MAXIMIZE your monthly benefits, it is most often the case to delay your Social Security benefits until age 70. There are multiple factors that will influence this decision. Just know once you have turned on your Social Security benefits, it is very difficult if not impossible to undo your choice! Your choice can also impact your spouse’s future benefits.
- What are your other sources of income?
- Are they TAXABLE or TAX FREE? Your Social Security benefits could be subject to taxes depending on what other sources of income you have. Up to 85% of your Social Security benefits could be subject to taxation.
- What tax bracket will you be in during retirement?
- There are actions you can take NOW to minimize taxes in retirement. Current tax rates are scheduled to INCREASE 1/1/2026 unless Congress make changes. TAXES ARE CURRENTLY ON SALE!!
- What will you do for health insurance?
- If you are under the age of 65 what choices do you have for health insurance? If you are 65 or older, what parts of Medicare are right for you? How much will either of these choices cost?
There are MANY factors to consider when planning your retirement years. Many of these choices could have detrimental effects unless you aware of all the implications. If you would like some guidance on these types of decisions please give us a call for a complimentary, comprehensive retirement analysis.
We look forward to meeting you soon!
Written by: Mike Frost