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 fall to ease the end of year rush and prepare you to live a richer and more fulfilled retirement.
After the hard work you’ve put in for decades, retirement is the time to fully enjoy the fruits of your labor. Retirement is meant to be a time where you can relax and enjoy your time with loved ones. In order to fully receive all of the amazing benefits retirement brings, careful planning is required to ensure that you can live out these years feeling secure financially.
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 which 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.
You may see for the first time some big checks rolling in during the first stages of your retirement years, but be cautious. Try not to be tempted to plan that huge vacation or buy your dream car right after you retire. It’s best to delay making big purchases, and give yourself time to fully assess how much you can afford on your retirement income.
Advice from CKS Summit Group would be to deep dive into your income and expenses for a full overview of your financial stability, and gradually add the activities that you have looked forward to into the income and expense flow. After you have been working for most likely over 30 years, it’s understandable you will want to fill that time with vacations, shopping, increased golfing or other activities — all of which cost money, a lot of it. We recommend holding off in the beginning, but of course enjoy it as you become more familiar with your financial stability.
Get Expert Help
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 help you with quantifying your decisions, and understanding the impact on other areas of your life, all while assessing your alternatives. It’s often worth it to build a financial plan to help with the decision making process.
We fully understand that thinking about retirement can be stressful, but the financial freedom you can experience is worth the effort. When it comes to effective financial planning and making the right decisions, talking to a professional financial advisor can be extremely beneficial.
The experts at CKS Summit Group have extensive knowledge of strategies to maximize your retirement savings. To learn more and start preparing for the future, contact CKS Summit Group here today.