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You can take Social Security as early as 62 but this could result in a reduction of up to 30% in benefits.
Generally, the happiest retirees are debt free with no credit card debt, a paid off mortgage and no car payments. They also have several sources of income such as Social Security, a pension, income from investments, rental income, royalties, or a part-time job.
Women need to take an active role in managing the household finances. Organize your finances so you both understand your current financial situation – what you have, where it is held and how to access it.
It’s important to devote time to enhance your career and increase your earning potential. This includes working effectively in your current position and taking time to improve your skills and education to progress in your career.
It’s crucial to understand how well prepared you are for retirement. There are hundreds of retirement planning software packages available claiming answer this question for you.
If your employer offers a retirement plan, invest at least enough to get the employer match, if available. Most young adults can maximize their retirement funds by investing in the Roth option.