Chances are good we’ve all felt a bit like Rachel on “Friends” when she peruses her first paycheck in bewilderment and says, “Who’s FICA? And why’s he taking all my money?”
Ryan Yamada, CFP®, Senior Wealth Planner We’ve all heard the conventional wisdom when it comes to claiming Social Security: you should wait as long as you can before claiming benefits. Wait right up to age 70, if possible. After all, that’s when you would get the greatest monthly benefit.
You might have more money stashed away in the Social Security trust fund than anywhere else. In fact, what you put into Social Security very well might be your biggest asset and future source of retirement income.
We live in the Information Age, where any information we could ever want is available to us within seconds, but due to the overwhelming wealth of info and sources – not to mention neck-break speed of the instant news cycle – it feels hard to know what’s really going on.
As you move toward retirement, you can’t be content just to accumulate assets. You need to develop a retirement income plan that can help guide you when it comes time to turn savings into sustainable retirement income.
You’ve probably heard of the three-legged retirement savings “stool.” The idea is that a quality savings plan for retirement starts with having three aspects of saving: personal savings, employer retirement savings and government-provided benefits.