Retirement Planning
Planning for retirement can be complicated. Retirement planning is the process you put in place to maintain your finances after you leave the workforce. Retirement planning has five steps: knowing when to start, calculating how much money you'll need, setting priorities, choosing accounts and choosing the right products.
When can you retire?
When you can retire comes down to when you want to retire and when you'll have enough money saved to replace the income you receive from working.
- The earliest you can start claiming Social Security benefits is age 62. However, by filing early you'll sacrifice a portion of your benefits. If you were born in 1960 or later, full retirement age (which is also full Social Security benefits age) is 67. And your benefit will actually increase if you can delay it further, up until age 70.
- Some people retire early (because they want or have to), and many retire later (again, because they want or have to). Many people find it's best to slowly ease out of the workforce rather than retire abruptly.
Social Security Optimization
Helping our clients optimize their retirement, with game changing strategies.
A generation ago, many people retired on the lifetime income from company pensions. However today, over 85% of retirement assets are in defined contribution plans (401k) and IRAs.
It’s estimated more than half of all working age Americans are concerned they won’t have a financially secure retirement. And designing effective strategies to replace guaranteed income from defined benefit plans has become a core challenge of modern retirement planning.
Our team at My Insurance Men are able to provide our clients with quantifiable strategies to help optimize a plan’s guaranteed income while lowering its cost. It’s a game-changing way to help our clients prepare for a financially secure retirement.
If you have questions regarding your retirement strategy fill out the form.