Plan your social security strategy
When is the best time to claim your Social Security benefits? The truth is, the longer you postpone collecting them, the more you’ll get every month. However, not everyone is in such a good financial situation or health condition for that matter, to wait that long. Zaino recommends his clients “to get a complete physical when they retire. I’m talking the ‘poking, prodding, blood, urine, and sweat from making you run on a treadmill’ type of physical”.
What you decide now will have consequences for the rest of your life, therefore, it’s important to make those decisions knowing where you stand in terms of your health. If you’re in good health, longevity runs in your family and you’re not forced by financial necessities to claim your Social Security check, with every year of waiting you’ll be adding around 8 percent compound interest to your benefits. This means a couple of hundred thousand dollars’ worth of waiting!
Use a retirement calculator
One of the greatest worries in retirement is outliving your money. With people living longer nowadays, it is a real possibility. To prevent that from happening, use a retirement calculator to make budget and savings projections. According to Zaino, people work more than 40 hours every week to earn their money but allocate less than an hour of their time in a week to learn how to manage it properly. Don’t know where to start? Start by discovering these 11 Money Secrets Financial Experts Want You to Know ASAP.
