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Giving yourself every opportunity to save enough for a long, fulfilling life requires careful, detailed longevity planning – strategies for saving, investing and taking withdrawals. Making the right Social Security claiming decisions is vital to optimizing your retirement income strategy. Points to consider:
When are you planning to retire?
What sources of income will you have in retirement?
How much income you will need in retirement?
Wealth alone cannot buy a quality retirement any more than it can buy happiness – but having a solid financial foundation can make those years more enjoyable. As you consider a long, happy retirement, give some thought to the most expensive aspects – housing, transportation, healthcare and food – the effect of inflation and how to budget for it all. Entertainment should be included, too, since social activities enhance your physical and emotional well-being. Keep in mind that these percentages will vary as life changes, so it’s a good idea to account for the biggest line items as you plan for the future.