Retirement Planning Tips (Part 5)
Retirement is an inevitability for us all, so it’s important to start planning for it now. Financial independence after retirement is not always easy to achieve, and it may become even more difficult in the future. Here are a few ideas to help you plan for your retirement:
Don’t Save Traveling For Retirement
Traveling is less expensive and easier when you're young, so plan to take major trips when you're young as well. Don't reserve all of your travels for retirement because it will be more expensive. Also, avoid taking excessively expensive holidays as well. Maintain the same spending habits while traveling that you do at home.
Find Ways To Increase Your Income
If you've crunched the numbers, but aren't making enough to meet your retirement savings goals, then you should look for ways to boost your income so you can save more. Start a side-hustle, find a part-time job, or ask for a raise. There are numerous ways to boost your income so that you don't end up under-investing in your retirement savings. When it comes to expediting your retirement goals, this is one of those game-changing retirement strategies.
Delay Receiving Social Security
Do not include social security benefits in your retirement income projections until you reach the age of 70. As a result, your social security benefits will continue to rise until the end of that year. There are numerous factors that influence the amount of social security you will receive, so pay close attention to the Social Security Administration's rules. Rather than beginning payments at age 66 or 67, wait until you are 70 to maximize your benefit.
To learn more about retirement planning, feel free to schedule a meeting with your local Bloomington MN financial advisor, Mike Rebischke, today.