TIPS TO SIMPLIFY RETIREMENT PLANNING

You’ve invested years into the workforce and are now considering retirement. What factors drive some people to retire sooner or later in life? Is there a specific age-range that’s best to retire? Planning for retirement is unique for each individual’s situation and goals. Optimal timing for retirement depends on the person’s needs, aspirations, and financial position. It’s important to maintain flexible and open to new possibilities when planning for retirement. 

THINKING OF RETIREMENT? CONSIDER THIS:

1. How many years have you been in the workforce? Social Security collects a portion of your employment income, accumulating funds for when ready to retire. Social Security provides detailed benefit information based on age, work history, and income. Applying for benefits is also possible on the Social Security website. According to AARP, the longer you wait to collect Social Security after age of 62 the greater the return. AARP comments further, “For each year you delay, your Social Security benefits will increase between 7 percent and 8 percent up to age 70, depending on your year of birth.”

2. Determine monthly income and monthly expenses. Jot down all sources of income and expenses for each month. This provides detailed information on financial obligations needed when considering retirement options.

3. Which sources of income will commence upon retiring and which will cease? List new sources of income such as Social Security, 401K’s or other retirement plans, savings, investments, and others. Also review income sources that will cease or decreases, and include updated financial figures to your retirement planning list.

4. It’s never too late to strategize for retirement. Regardless of age or work experience there are many options available. Seek assistance from a financial expert who can provide retirement options based on your goals and financial needs.

5. Working is still an option after retirement. Seeking employment after retiring is a choice for individuals who require extra income or enjoy working. There is a limit to the number of work hours allowed when receiving Social Security benefits. Consult with Social Security to make sure you’re keeping within their guidelines.

*All suggestions should be discussed with a professional who specializes in retirementment prior to implenting any ideas discussed in this article. This article is only intended for informational purposes.

CONSIDERING RETIREMENT? HERE ARE THE TOP FIVE PLACES TO RETIRE!

You worked diligently for years investing in an occupation or career of choice. Perhaps you’re years away from retirement, or a few months before the clock ticks and it’s time to retire. For most of us, it’s time to start planning for life after our working years! Ideally, retirement planning should begin early in your career. Financial advisors and career coaches can assist with various aspects of retirement.

TOP FIVE PLACES TO RETIRE:

A good starting point is researching different cities that capture your interest. Bankrate outlines the top five best states to retire: Wyoming first place, Colorado second place, Utah third place, Virginia fourth place, and Iowa fifth place. You may wonder, what are the worst places to retire? According to Bankrate, New York and Arkansas would be the worst places to retire, with Arkansas coming in last place.

CBS News outlines the top best places to retire sharing, describing how Wyoming offers many benefits to residents like low cost of living, low crime rate, and light tax burden. Colorado is also top in the list with many positive attributes. CBS News states, “Colorado has several things going for it lately. It’s unemployment rate is lower and its population is more educated than the national average.” Third but not last is Utah, which is known for it’s beautiful mountains and rivers. Many young families are growing found of this state, with 29.7 as the median age. In addition to delicious potatoes, Idaho has much to offer residents. Idaho has the incentive of low cost of living with beautiful nature sights. CBS News notes $176,010 as the median home sale price in Idaho. Lastly, Virginia – the state that offers the best of all worldswith the experience of four-seasons and tolerable climate changes. CBS News shares how cities in Virginia, like Williamsburg, provide a beautiful blend of history and modern culture.

Retirement planning takes time and preparation. It involves goal setting, research, and financial investments. A good place of inspiration is researching different states or countries that interest you. Consider your budget, retirement timeframe, deadlines, support systems, and personal preferences.  Planning for your retirement can be exciting! Outline the top five places that best suit your personal goals and retirement setting.