What The 50+ Population Should Know About Retirement Planning
While no one should wait until their 50s to start retirement planning, this article does note four things that can be done as one approaches the decade before retirement. This is a list to which everyone 50 and older should adhere: 1.) You can make catch-up contributions to IRAs and 401(k) plans. 2.) You’ll pay a penalty for early withdrawals from your retirement accounts before age 59 1/2. 3.) Healthcare might cost more than you think. 4.) When you start taking your Social Security benefits matters. Delaying each year until a maximum of age 70 yields significantly higher monthly benefits for life. Read the full piece by Kailey Fralick here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
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