With 2016 coming to a close, retiring in 2017 is more and more likely for many seniors. Are you ready to launch the groundwork and foundation for a successful and stress-free departure from the workforce?
Retiring in 2017
If you’re retiring in 2017, few things need to be put into consideration when it comes to your investments and overall financial condition. The rudimentary decision is when to actually start claiming your social security benefits. The value of your benefits is appraised based on the age when you actually start claiming them. The basic rule is: the earlier you take out, the less you get. If your financial situation allows you to do so, it is best to wait until you are 70 years old to start claiming your benefits. For every year you delay, your benefits grow by 8%. Delay and grow your pay.
Many coming out of the workforce will leave with their 401K. Looking into the management fees and expenses can be beneficial in deciding in either staying with your current 401K or rolling it into an IRA Investment Retirement Account. Take into consideration the diversification of your investment along with a possibility of lowering the expense ratios. Vanguard is one example of an IRA that is a low cost index fund that is also easy to manage. One thing people forget that you can always shop around and do your research. You don’t have to be stuck or compromise your investment portfolios.
New Year, New Opportunities
With every New Year comes new opportunities, even when it comes to your retirement plans. It is never too late to change/update or educate yourself on your retirement portfolios. Information is at your fingertips so always do your research and ask questions for retiring in 2017!