Planning for retirement involves identifying and preparing for various financial risks. It's crucial to consider potential downsides, such as over-reliance on Social Security, which may not suffice without additional savings. Inflation and personal spending habits influence how far Social Security benefits stretch. Other pitfalls include avoiding investments in stocks and having too much wealth tied up in home equity. Engaging with a financial advisor early can help mitigate these concerns and improve retirement readiness.
Social Security is a nice supplement, but without a padded nest egg alongside it, it'll be a struggle to make ends meet. Undoubtedly, if you don't take Social Security the day you turn 62 and delay it by a number of years, you'll get a lot more.
Some unpleasant (or even bitter) retirement realities can catch one off-guard. Some such realities could be easily-corrected, perhaps with a bit of help from a financial advisor.
#retirement-planning #social-security #financial-advisory #risks-in-retirement #investment-strategies
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