Retirement and Social Security

December 12th
You may be recovering from the last post on retirement. Or you may have already taken steps to improve your retirement savings. Starting to establish yourself for a solid retirement takes planning. If you are part of a couple, set in place a plan together to make your retirement a reality.

Three points that the Center for Retirement was making in the recent interview that I heard was:
• Consider working longer – even two or three years can make a difference
• Start to save more
• Delay taking Social Security

The last step is what I have the hardest time convincing those closing in on retirement age to do. When you take Social Security at age 62 is 30% of the maximum of your potential Social Security income. By delaying taking your payment and waiting until age 70, your income will be up to 75% higher. In between a part time job may offset not having the monthly income from Social Security.

Christine D. Moriarity, CFP