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By Pam Leibfried
This is part 5 in our five-part series on saving for retirement at any age.
If you’re in your sixties, thoughts and dreams of your retirement are likely to be frequent. You may already have a solid financial plan that takes into account your income needs, your expected retirement date, your likely Social Security income and the income you can expect from your other retirement savings accounts. If you don’t already have a plan, you should make one sooner rather than later, as your retirement will be here before you know it, and you need to be prepared.
How much income will you receive from your retirement savings accounts? Which retirement savings accounts should you tap into first? What is the best strategy for when to start receiving Social Security benefits? These are not easy decisions and figuring out the legal and financial impact of each of the items that factors into them is not something you can calculate on the back of a napkin. If you haven’t already done so, now may be a good time to meet with a personal financial planner to get professional advice that will help you to make smart choices in pursuing a more financially secure retirement.
One of the things that you should do before pulling the trigger on your retirement is to create an account on the Social Security website. You’ll learn how much you have paid into the program and how much income you can expect from it in retirement. The site allows you to model a variety of filing scenarios related to retirement ages and spousal benefits so that you have all the information you need to maximize this source of retirement income. That information will enable your financial planner to give you better advice and will help you to make smarter choices about when you and your spouse should file for your Social Security benefits.
Want to discuss a financial strategy to prepare for retirement? Then call 800-328-1935 to set up a no-cost, no-obligation financial planning session with a financial consultant with Alliant Retirement and Investment Services.
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