Social Security is a complex and often misunderstood system that affects 67 million retired Americans every month and up to 10,000 new retirees each day. It is a program that everyone has contributed to since they first began working. But according to a survey done by Mass Mutual in 2015, most of us do not actually know the rules and how to maximize our benefit potential. Given this lack of knowledge on this important program, we have provided 5 essential fast facts as of 2018 that everyone should know regarding their Social Security.
As we approach our 50’s we may begin to eye the “finish line” of retirement more often. We all know the [common rules of retirement]. However, during times of market volatility, many investors may begin to panic and overthink their strategies.
Some experts have seen investors destroy their savings in the blink of an eye with a single mistake.
As the markets trend up and down, it is important to stay on course and plan appropriately. Nothing can replace financial education and strong planning as you approach the golden years.
To help with that, here are the five most common mistakes you must avoid:
Preparing for your future through retirement planning and contributions is an essential move for securing your financial future. The average age many Americans target for their retirement is 65 years old and by this point in your life there are certain expenses that should be accounted for to allow you to enjoy your later years. The primary expenses that are essential for retirement living include: housing, food and healthcare. These areas are typically obvious for anyone planning for their retirement but what is often overlooked is that there are hidden expenses that many can miss when planning for their future life after working. Often times even financial advisors may neglect certain expenses and fail to advise their clients accordingly. This is why it is always important to perform your own research and planning to calculate for all considerations in your later years.
Throughout our working years it is always important that we are always investing in our future. Early in our careers as we are building our savings and have a long timeline for wealth accumulation we may be able to afford the higher risk, high return investments. In the event, there is a market downturn we are still left with a long recovery time to bounce back and continue to build our nest egg.