In our last blog, we touched on a few questions you should consider before leaving your 9-5 career behind for a 24/7 retirement. We’re talking about the rest of your life. And if you’re not ready – emotionally or financially – you may want to wait.
Here are more questions you should be asking yourself, before taking the plunge.
CAN I PUT OFF TAKING SOCIAL SECURITY?
There’s a natural instinct to sign up when you turn 62. But “full-retirement age” isn’t until 66…and, if you start early, your benefits will be reduced. So, if you’ve got a bit of a nest egg, consider waiting a while. And if you can wait until 70, your benefits will be even higher.
For those eligible at age 66, waiting just one year will result in monthly benefits equaling 108% of the previous amount. And waiting until 70 would generate 132% of the regular monthly benefit!
In fact, you can nearly double the amount you’ll get at 62 if you can wait until 70.
HAVE YOU SPOKEN WITH YOUR ACCOUNTANT?
Most of us speak with our accountant just once a year – at tax time. But don’t consider retirement without doing it again!
A big chunk of your IRA is going to Uncle Sam when you withdraw it. And you’ll need to prepare for that.
Consider a financial planner, too. Together, they can develop a strategy for your taxable and tax-sheltered accounts. And they can help you decide whether to convert to a Roth IRA, where withdrawals are tax-free…but conversions are not.
WHAT ARE YOU RETIRING TO?
Are you ready? Not only financially…but emotionally? To make the most radical change of your life?
And are you ready to seek out new pursuits and intellectual challenges, so your life stays interesting, and your brain healthy?
As an Elder Law attorney for the past 33 years, I get asked about retirement every day.
In fact, at The Law Offices of Alice Reiter Feld & Associates, we’ve helped thousands of South Florida families answer questions such as these. And we’ve helped them prepare for the future, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.
If you’re approaching retirement, you’ve got questions. And we’ve got answers.
We’re just a phone call away.