• Question
  • How can I maximize retirement income

    Asked by a 83 year old man from Medina, WA on 6/30/2012

    How can I maximize retirement income?

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  • Categories: Retirement Planning, Retirement Income

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Hi,

    The single best thing that most people can do is work longer, since:
    1) You take advantage of your human capital by making money longer
    2) You have more time to save
    3) You need to rely on your savings for less time
    4) The closer you get to Medicare at 65 the less time you have to pay for health care
    5) The longer you wait to take Social Security (until age 70) the more money you get - it's like buying an inflation indexed annuity from the government

    A lot depends on your situation - hopefully the NewRetirement Calculator gave you some ideas:
    https://www.newretirement.com/retirement-calculator/default.aspx

    If you'd like to talk to an advisor you can explore some options here: http://www.newretirement.com/financial-advisor-marketplace.aspx

    Hopefully this is helpful.

  • Login to rate this answer:   Answered on 7/8/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.