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Outliving your money is one of the greatest fears of individuals and couples planning for retirement. This is largely driven by uncertainty around medical expenses. Medical expenses will represent one of your largest expenses after housing and transportation.
One of the biggest concerns in retirement is outliving your money. Before considering early retirement, calculate how much will be needed to meet your desired lifestyle, including inflation and unexpected expenses.
Studies show that most people spend about 80% of their pre-retirement expenses in retirement.
A primary financial goal for most people is to retire comfortably. We look forward to the opportunity to relax, pursue new hobbies, travel and spend time with friends and family. To improve your chances of having a financially worry-free retirement avoid the following pit-falls.
Anyone who is or was married has many Social Security benefit options to choose from. If you are currently married you may be entitled to 100 percent of your own benefit or 50 percent of your spouse’s benefit.
The biggest Social Security decision you’ll have to make is when to begin taking benefits. The full retirement age for individuals born between 1943 and 1959 gradually increases from age 66 to 67.