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Asset Allocation
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Speak To A Certified Financial Consultant Today Have you had the opportunity to discuss your financial plans with a certified financial consultant? Have you been able to discuss your retirement goals and your comfort level with the investment risks you are willing to take? If you've talked with a certified financial consultant, you know that the process can be a bit intimidating. You feel as though there are a million things that you don't understand and you worry that your thoughts and concerns aren't really being heard. Even worse, you might start to wonder whether this certified financial consultant is concerned with your financial security or with his or her own financial stability. You deserve to understand your savings and investments. You deserve to speak with a certified financial consultant who will listen to your thoughts, your concerns and the ways in which you want to reach your goals. Hopefully, you feel comfortable speaking up. Hopefully when you speak with a certified financial consultant you feel comfortable asking questions and you believe that you can really understand the answers that you get. But there is something that you can do to make sure that you are not being taken advantage of. You can click the red button at the bottom of this page to download our free retirement calculator. With it, you will be able to look at the real value of the savings and investments that you already have made. You'll be able to see how your stocks, bonds and mutual funds have performed over time. You'll be able to look at projections for how your savings and investments will perform over the next 25 years. Because those projections will take into account interest rates and inflation, you'll be sure that they are giving you an accurate view of your financial future. And, with our retirement calculator, you'll be able to determine whether those investments will get you to the financial destinations that you hope to reach. You'll be able to explore different what-if scenarios -which investments would best guarantee that you reach your goals; how would withdrawals from your retirement savings affect the income that you would have available after you are no longer working; which highly recommended stocks and bonds will or won't live up to the hype. Once you have this information, you'll be able to talk one on one with a retirement counselor during a free consultation. Even if you already have a regular certified financial consultant who you work with, you'll be able to ask questions and get answers. You'll be able to get advice about your investment strategy, and you'll be able to develop a plan that will help you make sure that you are able to reach all of you financial goals. That way, the next time that you speak with your certified financial advisor, you'll have the information that you need to really understand your savings and investments. You'll be able to know which changes to your investment strategy will be the most effective for you when you plan your future. But whatever choices that you make when planning for your retirement, you'll be guaranteed to make better decisions when you have all the facts. You deserve to have the retirement you've always dreamed of having; take the steps you need to make that dream a reality. Click the red button to download our free retirement calculator to get started. |
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Analysis of the Economics of Early Social Security Withdrawal
Robert J. Phillips
Chief Retirement Consultant
Deciding whether or not to take the early withdrawal of social security at age 62 can be difficult. If you need this income at 62 to fund your retirement the decision is fairly straightforward. Take it early! On the other hand, if you have another source of revenue to fund your retirement your decision will be primarily based on lifestyle, health and investment preferences.
Several factors can affect your decision. First is your life expectancy. If you are in good health and have a family history of living beyond 90 then waiting for full benefits may be best. Two other factors impact this decision. First and most important is the value of money or your expected return from your investments. If you are using other investments instead of social security to fund your retirement you should use the rate of return of these investments as your value of money. There is another way to look at the value of money. If you do not require the social security money to live, you can invest the distributions for the future. The rate of return of this investment is your value of money. If your investments will make larger returns such as stocks this would favor taking the early withdrawal.
The last factor impacting your decision is inflation. Social security includes an annual adjustment based on inflation. You cannot control this variable but you should be aware of its impact. If future inflation is significant it will favor a later full distribution
FREE Social Security Calculator:
Find Out Your Breakeven AgeWe developed a calculator to assist in analyzing the impact of taking early benefits at age 62 or waiting for full benefits at age 66 to 67 depending on the year you were born...If you were born in 1960 or later your full benefits will begin at age 67 and your reduction for early benefits at age 62 will be 30%. If you were born between 1946 and 1960 your full benefits begin as early as age 66. We have included a chart that summarizes information.
To use the calculator you need to input your year of birth. You also need to input a value of money up to 10% and a projected inflation adjustment. The calculator analyzes income generated over time from both the early and full benefit investments. It calculates the age at which full social security will catch up and breakeven with the early withdrawal. If you were born before 1960 your breakeven age will be impacted by the year you were born. An early breakeven age favors waiting for full benefits.
The social security calculator is not the final answer whether to take an early withdrawal but it does give you additional economic data to assist in that decision. Ultimately you must balance income, investments and lifestyle to optimize your enjoyment during your retirement years.
