How much money do you need for retirement? It depends a little bit on how long you live. How do you build a retirement income that will sustain you? And when should you file for Social Security? Brian talks through all of this and more on this edition of the podcast.
A lot of people are fearful of starting to plan for retirement.
Starting retirement planning is not too difficult, it’s looking at your situation and trying to figure out can you retire or stay retired. You may have to change something if your spending is out of control.
There are so many factors, such as how you are investing and where you are investing.
[8:17] Knowing when and how to file Social Security
Couples may have a disparity between benefits. Financial advisors may ask about your health to help maximize your benefit.
You want to figure out the best way to use the rules in Social Security and pensions to help people get what they need. You want to think of your loved ones when making the decision about what benefits to take and when.
You need to take care of yourself first but then you can look toward your legacy.
Evaluating the risk that you have in your portfolio is important, but it’s the full picture of all of your assets to determine your financial health. In retirement, you are creating your own paycheck.