Some Boomers Less Confident About Retirement After COVID Uncertainty But There’s Hope
Despite declining confidence and financial health, Americans as a group are prioritizing paying off debt, saving for retirement, and losing weight. So, optimism and hope remain high.
Near-retirees have options and the power to make a change. Here are five tips to help you increase your confidence about retirement.
Find Someone To Talk To
As you begin to see what you have and need to have, you’ll worry less. Consider bringing in a financially knowledgeable friend or outside advisor to talk to or offer a second opinion.
Make a plan
Most Americans retire with two income streams: social security and investment income. Clayton recommends creating an annual budget then subtracting your projected social security benefit.
It’s never too late to start saving. As a near-retiree, you still have time. Nick Bormann, a financial planner at Bromann Wealth Management, recommends aggressive savings. Upping the savings rate can be a power play for people close to retirement.
Time Social Security Right
Suppose you were born in 1960 and are entitled to receive $1,000 every month if you wait to retire at your full retirement age 67. However, you decide to retire at age 62. As a result, you would receive $700 in benefits versus the $1,000 you would receive at full retirement.
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