Failure to plan for cognitive and physical decline in the later years of retirement often creates problems that could have easily been avoided. Fortunately, you can prevent a lot of issues by taking a few simple steps to prepare for this phase of life before you get there.
I often hear rules of thumb that someone my age should save 10-12% of their income to fund their retirement. I don’t doubt that this is a good starting point, but rules of thumb like this simply can’t apply to everyone. But if you can’t trust a rule of thumb like this, how do you know how much to save?
When planning for retirement, people always tend to focus on the financial side. However, financial preparedness is only half the battle when it comes to planning a fulfilling retirement. Equally important, if not even more important, is a plan for how you will spend your time.
Choosing when to claim Social Security is something that can have a material impact on a couple’s lifestyle in retirement. With so many options and trade-offs when claiming, how can people possibly know which one is right for them?
How much retirement income will you need? In this video from Dimensional Fund Advisors, Marlena Lee, PhD provides a framework for understanding how much retirement income you will need to maintain the lifestyle you enjoyed prior to retirement.
I read recently that half of people ages 35 and older stay awake at night worried about their finances. But it doesn't have to be this way. A good advisor can answer the questions that keep you up at night, and years in the business inevitably results in a familiarity with the most common questions.