New seasons bring new challenges, ideas, and inspirations. In this blog, you’ll find tips on money moves you can make with your finances this summer to ease the end-of-year rush and prepare you to live a richer and more fulfilled retirement.

Decades of dedication deserve a rewarding retirement, a period ideally characterized by relaxation and quality time spent with family and friends. To maximize the advantages retirement has to offer, careful planning is required to ensure that you can live out these years feeling secure financially. This ensures that you receive all of the amazing benefits retirement brings.

CKS Summit is here to help with a full guide this fall on how to live richer in retirement. 

Often times, it is recommended to delay collecting your social security benefits for as long as possible. If you want your monthly social security benefit to be as large as possible, age 70 will be your time frame to finally claim it. That’s not the right choice for everyone – however, that is the option that will earn you bigger checks.

The benefit you can receive if you wait until you are 70 to start collecting will be 76% higher than the benefit that you get if you claim at age 62.

Upon entering the initial phase of your retirement, you might be greeted with substantial payments, but tread carefully. Resist the allure to immediately book an extravagant holiday or purchase your dream vehicle upon retirement. It’s advisable to hold off on making significant expenditures, providing yourself adequate time to evaluate your spending capacity based on your retirement income.

Advice from CKS Summit Group would be that you thoroughly analyze your income and expenditures to get a comprehensive understanding of your financial health, slowly integrating your desired activities into your budget. Having labored for probably more than three decades, it’s natural for you to want to invest your newfound time in holidays, shopping, playing more golf, or engaging in other hobbies. However, these pursuits can be quite expensive. Our advice is to exercise restraint initially, but certainly, relish these activities as you get a better grasp of your financial footing.

We are living longer than ever, so making sure our savings last throughout retirement is going to take more than your small Social Security check. How do we do this? Make money grow through investing.

Investments such as annuities, real estate investment trusts (REITs) and income-producing equities can offer additional retirement income beyond Social Security, a pension, savings and other investments. However, be mindful there are risks that come with every investment, so speak to your trusted financial advisor before embarking on your investing journey.

Retirement planning is a complex project to take on your own, so seeking a professional to help can be a worthwhile investment. Retirement planning is not a one-time thing either, but rather an ongoing topic. ​​Properly managing your investments is no easy feat, and making the right financial decisions takes time, skill, and effort. Time is our most precious tool we have. There are plenty of things in life you have the ability to do, maybe learn a new language or write a book, but it doesn’t mean you’re really going to do it.

A wealth manager can assist you in measuring your choices and comprehending their effects on various aspects of your life while examining your alternatives. It’s often beneficial to devise a financial plan to facilitate the decision-making process.

Contemplating retirement might seem overwhelming, but the prospect of financial independence makes the endeavor worthwhile. When it comes to effective financial planning and making the right decisions, talking to a professional financial advisor can be extremely beneficial.

At CKS Summit Group, our experts are well-versed in strategies that can optimize your retirement savings. To gain more insights and begin your future preparedness, today., contact CKS Summit Group here today.