Planning on an early retirement? With consistent saving and disciplined spending, you can make it happen. Even if you don’t think you will retire early, you still may want to plan for it. Health issues and disability force workers into early retirement every year. A contingency plan can help you navigate a challenging situation.
As you transition into retirement, you’ll face a number of big decisions. One of the biggest will be when and how to file for Social Security benefits. It’s an important decision, as Social Security may play a large role in your retirement income plans.
Social Security is likely to play a large role in your retirement. After all, it’s a valuable resource that can provide base of guaranteed lifetime income. However, as helpful as Social Security may be, you probably don’t want to rely on it as your primary source of income.
The question of when to file for Social Security retirement benefits often creates a tough dilemma for retirees. Many people choose to file for their benefits as soon as they become eligible. Others prefer to delay filing as long as possible.
One of the essential goals of any retirement strategy is to ensure your future financial stability when you’re no longer working. A key way to do this is to reduce your expenses in retirement as much as possible.
When planning your financial strategy for retirement, one of the most important steps is to estimate your spending and build a projected budget. You’ll likely factor in your usual bills and lifestyle expenses. However, be sure not to ignore health care costs as you predict your retirement spending.
In a 2016 Gallup poll, 64 percent of Americans reported they were worried about retirement.1 It’s an understandable concern, as many workers haven’t saved nearly enough to fund a multi-decade retirement. Are you included in the nearly two-thirds of Americans who are worried about retirement?