Skip to main content

Posts

Showing posts from July, 2018

Why Taking Social Security Early Could Cost You More than a few bucks

Some people say that one of the biggest decisions a retiree can make is deciding on when is the right time to draw social security.  In my opinion, this is in fact, the most important decision you would make going into retirement.  In my podcast entitled “The Shift” from Accumulation to Distribution, I mentioned that the decision should be planned out well in advance because the stakes are higher once you go into the distribution phase. I want to give you a few reasons why getting it wrong could cost you more than you think.  One reason why you need to absolutely get it right is because if you take it to early, then you miss out on one important benefit, Medicare as it is not available until age 65. So if you retire at age 61, where will your medical insurance come from?  Trying go it alone with private insurance for 4 years can get quite expensive.  Another reason you might not want to take social security to early is that you can leave a lot of money on the table.  
Take the graph be…

Mistakes Were Almost Made

RETIREMENT MISTAKES WERE ALMOST MADE (2 min read)

I remembered sitting down with Alma like it was yesterday.  We went through all of her 401k statements and the additional money she had saved for retirement.  I went back to my office and begun to input the numbers into my retirement planning software. The numbers were not favorable, because Alma did not want her lifestyle to change at all.  I picked up the phone and dialed her cell number and I asked her the following question. “Are you sure you are not willing to change anything concerning your lifestyle going into retirement?”  She said “I would like to keep everything as is, with no changes” I told her that would be difficult to do unless we changed some of her plans heading into retirement. Ideally, no one would like to change their lifestyle going into retirement, but unless you make the same amount of monthly income and have all of your medical and dental take care of, then this would be difficult I told Alma.  Not impossible, b…