Special Guest: Steve Vernon, Research Scholar, Stanford Center on Longevity: Link
Guest speaker Steve Vernon suggests that pre-retirees worried about their financial security adopt two mindsets: One, that it’s okay to start spending the money you’ve saved for retirement, and two, you may need to change your retirement investing objective from maximizing savings to generatng income. He also recommends that people delay applying for Social Security benefits as long as possible, since annual benefits are 8% higher for every year you delay taking benefits after you reach your full retirement age up to age 70. Pam, Richard and Terry also remind people that, outside of when they start taking Social Security benefits, nearly every decision they make about their financial life during retirement, from taking on a part-time job to generate extra income to revising their investment strategy, is reversible.
Resources
Retirement Game-Changers: Strategies for a Healthy, Financially Secure, and Fulfilling Long Life, by Steve Vernon: Link
Create your personal my Social Security account to receive estimates of your monthly benefits based on your earnings history: Link
Next Avenue articles on retirement income planning
Social Security: Secrets, Myths and Misconceptions: Link
How to Turn Your passions into Retirement Income: Link
