Retirement Savings Tips by Age- In your 60s
The savings and investment decisions you make leading up to your retirement can have a big impact on your financial security in retirement. The following retirement savings tips are designed to help you make informed decisions. Of course, these tips are general in nature, so please speak to us for personalized retirement planning advice regarding your specific situation.
Decide when you will be receiving Social Security benefits. Although you can begin receiving Social Security benefits at age 62, the longer you wait to begin- up until age 70- the larger your monthly benefit will be. To learn how much you may receive each month if you begin benefits at age 62, full retirement age, or age 70, check out your Social Security Statement, which you can review online at www.ssa.gov.
Sign up for Medicare. Most people become eligible for Medicare at age 65 and if you do not enroll when you are first eligible, you may have to pay a late enrollment penalty.
If you (or your spouse) are still employed and you have group health insurance from an employer or union based on that employment, check with your benefits administrator before your 65th birthday to find out how your current health insurance works with Medicare and what steps you may need to take to avoid any penalties.
Design a retirement income plan. Before you retire, it’s a good idea to plan how you will turn your retirement savings and other retirement assets into income.
Which accounts should you draw on first? How much can you withdraw each year and still have a good chance of your nest egg lasting thirty or more years? Should you convert some tax-deferred savings to a Roth IRA to help minimize the tax on your required minimum distributions later on?
We can help you design a retirement income plan that addresses these questions and others so that you know from day one of your retirement how to draw on your retirement assets in a potentially sustainable manner.
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With offices in Rutland and Williston, Vermont Copper Leaf Financial develops a customized wealth management plan designed to integrate every aspect of your financial life. Our approach is to conduct business in an orderly fashion, especially in a disorderly world. Where there is uncertainty we look for facts. We call our approach evidence-based investing. Call us today at 802.878.2731 to schedule a strategy session and begin building your road map to financial success.
Article published in April 2020 edition of Eye on Money. If you would like to be added to our mail list please email email@example.com.