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INSIDE THIS ISSUE 1 Campus Cash, Budget Boundaries 2 Don’t Worry About a Thing (Except Getting a Will) Cheap Chillers Clean Up 3 Views From a Legislative Labyrinth Spinach, Feta, and Egg Stuffed Peppers 4 Post-Work Wealth Wisdom
Golden Years, Golden Gains A Retirement Riches Road Map
Once you’ve reached the age where stepping away from your life’s work is feasible, it is essential to explore ways to make your retirement funds last as long as possible — a goal that involves more than just keeping your bills paid in your golden years. Here are three thoughts to help you move toward a comfortable, sustainable, and secure post-work life. REDEFINE THE FUTURE. There are several ways to build a reliable retirement plan to ensure financial strength. First, consider whether your anticipated fund withdrawals align with your tax strategies. For example, a Roth IRA conversion could present opportunities to reduce your financial obligations if you anticipate reaching a higher income tax bracket later in life. At the same time, charitable giving Factoring in your Social Security benefits is another way to determine your post-retirement financial health, but only if you carefully consider when you begin receiving them. Generally, you can claim Social Security benefits from ages 62–70, and the age you choose to receive them determines the amount. If you decide to begin receiving your could result in similar advantages. BALANCE BENEFITS WITH NEEDS. benefits as soon as you turn 62, they will remain at the lowest amount available indefinitely. Full benefits kick
in once you reach your full retirement age of 67, but delaying them until you’re 70 will add 8% to your annual income. AVOID THE RISKS OF RESTRAINT. Although patience comes with a payoff, you face a few dangers if you delay your Social Security benefits. For example, putting off receiving them could prevent you from having the funds necessary to address any unexpected medical situation. Additionally, waiting until 70 could have a negative financial impact on your significant other, as spousal benefits are capped when your partner reaches full retirement age under certain conditions.
As no two financial paths are the same, we encourage you to consult a financial advisor and/or estate planner to ensure the most comfortable retirement and sustainable legacy possible.
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