It is sometimes said that the easiest way to effect change is to change your perspective. This is a principle many discover when planning for their retirement years.
Financial planners and estate planning attorneys are always going to emphasize how important it is to keep your eye on the prize with regard to retirement. Some people follow this advice, but unfortunately many people do not. As a result a significant percentage of individuals find themselves unprepared as they start to see the typical retirement age appear over the horizon.
If you are one of them you may have to change your expectations and adopt a new perspective. This can include the choice to work longer than you absolutely have to in order to make sure that you can retire in comfort.
Working a few years longer may give you a few extra years to pad your retirement savings and this is part of the appeal. In addition you actually increase your Social Security payout when you work beyond your full retirement age as it is defined by the Social Security Administration. Besides the fact that you will continue to have something meaningful with which to fill your time.
You can delay your Social Security application until you are as old as 70 and you accrue delayed retirement credits as a result, which will increase your benefit by 8% per year that you delay your application.
If you enjoy what you do working a bit longer may not be much of a sacrifice, but it could significantly improve the quality of your retirement.
Should you be interested in devising a long-term financial plan with the benefit of expert assistance, don’t hesitate to pick up the phone to arrange for a consultation with a licensed and experienced northern NV estate planning lawyer.
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