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Asset Allocation
Often financial "experts" make asset allocation difficult to understand. My goal in this series of articles is for you to understand asset allocation thoroughly, in an easy to understand format.Do You Have Income For Your Retirement?
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How do you ensure that you have an adequate income during your retirement? How do you know that the steps you are taking today to secure your financial future will be enough to get you where you want to go? We know that individual plans for retirement are as unique as each individual. Sure, they all are based on savings accounts and investments in stocks, bonds, and mutual funds. But at the same time, each and every one of us has a different income to start out with. Each and every one of us has a different idea of what our retirement income will look like. Regardless of what we have to work with and what we hope to achieve, one thing is certain: None of us wants to end up running out of money once we have retired. And the best way to prevent the risk of not having enough income for retirement is to plan wisely. But what steps can you take to make sure that you are planning for your retirement income in the best way possible? Well, you can research your stocks and bonds. You can make sure that you diversify your portfolio so that if one industry falters you won't lose everything. You can talk to your stock broker to figure out the best plan for you. What are some other things that you can do? You can spend countless hours researching how your stocks and mutual funds have performed over time. You can look into interest rates and how inflation affects your savings and income. You can save every extra cent that you have now to hope that your spare change will add up when it comes to your retirement. But all of that takes a lot of time, a lot of effort, and may lead to a lot of confusion or frustration. So what can you do instead? One way to ensure that you have the income for your retirement is to download this free retirement calculator. All the research into past performance of stocks, bonds, and mutual funds is already included. All of the data about interest rates and inflation are already accounted for. Not only that, but you can use the retirement calculator to see how your income will be affected by withdrawals that you make from your savings. You can also use it to investigate different investment strategies and the affect they may have on your retirement income. You can be sure that this retirement calculator is easy to use. Though most of the information you'll need relies on just a few numbers that you type in. If you have any questions about the software, answers are readily available. All you'll need to do is connect instantly with the online customer service department. But what do you do with all of the information about your retirement income that comes up after using the software? Well, we have an answer for that too. Once you've had the chance to analyze your savings and investments, we'll have a retirement consultant contact you for free to help you figure that out. The financial advisor who calls you will be able to answer your questions. Also, he or she will be able to help you implement a plan to ensure that your income during retirement will be enough for you to not have to worry about saving. You can work with this retirement expert to make sure that you will have all of the money you need when you retire. Because that's the peace of mind that money can't buy, please get started with the free download and consultation. Just click the red button to begin. One simple click and you'll be on your way to knowing that you have all of the income you'll need during your retirement. |
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Analysis of the Economics of Early Social Security Withdrawal
Robert J. Phillips
Chief Retirement Consultant
Deciding whether or not to take the early withdrawal of social security at age 62 can be difficult. If you need this income at 62 to fund your retirement the decision is fairly straightforward. Take it early! On the other hand, if you have another source of revenue to fund your retirement your decision will be primarily based on lifestyle, health and investment preferences.
Several factors can affect your decision. First is your life expectancy. If you are in good health and have a family history of living beyond 90 then waiting for full benefits may be best. Two other factors impact this decision. First and most important is the value of money or your expected return from your investments. If you are using other investments instead of social security to fund your retirement you should use the rate of return of these investments as your value of money. There is another way to look at the value of money. If you do not require the social security money to live, you can invest the distributions for the future. The rate of return of this investment is your value of money. If your investments will make larger returns such as stocks this would favor taking the early withdrawal.
The last factor impacting your decision is inflation. Social security includes an annual adjustment based on inflation. You cannot control this variable but you should be aware of its impact. If future inflation is significant it will favor a later full distribution
FREE Social Security Calculator:
Find Out Your Breakeven AgeWe developed a calculator to assist in analyzing the impact of taking early benefits at age 62 or waiting for full benefits at age 66 to 67 depending on the year you were born...If you were born in 1960 or later your full benefits will begin at age 67 and your reduction for early benefits at age 62 will be 30%. If you were born between 1946 and 1960 your full benefits begin as early as age 66. We have included a chart that summarizes information.
To use the calculator you need to input your year of birth. You also need to input a value of money up to 10% and a projected inflation adjustment. The calculator analyzes income generated over time from both the early and full benefit investments. It calculates the age at which full social security will catch up and breakeven with the early withdrawal. If you were born before 1960 your breakeven age will be impacted by the year you were born. An early breakeven age favors waiting for full benefits.
The social security calculator is not the final answer whether to take an early withdrawal but it does give you additional economic data to assist in that decision. Ultimately you must balance income, investments and lifestyle to optimize your enjoyment during your retirement years.
