• Question
  • How can I maximize my retirement income

    Asked by a 66 year old man from Williams Bay, WI on 2/25/2013

    How can I maximize my retirement income

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  • Categories: Retirement Planning, Retirement Income

Answers

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  • In general, these are some techniques people use to increase their retirement income.

    1. Work in “retirement”. You can continue to build retirement assets by delaying your need to utilize those assets. Some turn hobbies into sources of income, consult in an area they specialize in and still enjoy doing on their terms or work part-time. If you are younger than what the Social Security office would consider full retirement age, be aware that if you choose to take social security benefits early, that benefit could be reduced depending on your total income. This article may help you know more about how work affects Social Security Benefits (SSB): http://www.ssa.gov/pubs/10069.pdf.

    2. You can wait to start receiving SSB after FRA to get larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70. You can learn more about the delayed retirement credit at: http://www.ssa.gov/oact/quickcalc/early_late.html.
    NewRetirement.com also has a Social Security Calculator:
    https://www.newretirement.com/services/Social_Security_Start_Age_Calculator.aspx.

    3. Maximize your retirement plan and get matching contributions if your company offers them. Check with your current employer to find out all the benefit options you have.

    4. Realize that it’s never too late to start saving.

    5. Consult with a qualified professional to make sure your portfolio is diversified and invested with a specific plan in mind to provide growth and income most appropriate to your needs and ability to take on risk.

    This answer is provided as general information only and provided by Master’s students pursuing a degree in Personal Financial Planning at Texas Tech University. 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 PlannerTM as to your unique financial situation.

  • Login to rate this answer:   Answered on 4/24/2013
  • NewRetirement User

    56 year old from New York, NY

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  • Retirocracy provides comprehensive qualified retirement plan solutions to our clients. We coordinate
    the process from design and implementation. For more info visit at http://retirocracy.com/

  • Login to rate this answer:   Answered on 9/29/2017
**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.