
Social Security: What Should You Do at Age 62?
Although collecting early retirement benefits makes sense for some people, there's a major drawback to consider.
Although collecting early retirement benefits makes sense for some people, there's a major drawback to consider.
Retirement planning is about much more than just saving. It's time to create a more detailed plan towards a retirement date you can live with.
Whether you’re just easing out of the workforce or you’ve been in retirement for a few years now, making the right financial moves is critical. If you’re working with an advisor or taking a look at your finances yourself, one central goal during retirement is protecting your wealth from unnecessary taxes.
When you determine how much income you'll need in retirement, you may base your projection on the type of lifestyle you plan to have and when you want to retire. However, as you grow closer to retirement, you may discover that your income won't be enough to meet your needs. If you find yourself in this situation, you'll need to adopt a plan to bridge this projected income gap.
Saving for retirement is not easy, but using your retirement savings wisely can be just as challenging. How much of your savings can you withdraw each year? Withdraw too much and you run the risk of running out of money. Withdraw too little and you may miss out on a more comfortable retirement lifestyle.