A combination of health and wealth will get you the most out of your independence and freedom in retirement. Isolation and loneliness are growing issues, especially in older adults. The good news is that there are plenty of ways to find social fulfillment in retirement. They just require some effort and initiative on your part.
Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible. Without a strategy, you may have no goals, leaving you no way of knowing how you’ll get there—and if you’ve even arrived. Above all, a rewarding retirement requires good health.
Monthly payments differ substantially depending on when you start receiving benefits. The longer you wait (up to age 70), the larger each monthly check will be. The sooner you start receiving benefits, the smaller the check. There is no single “right” answer to the question of when to start benefits.
How can you draw retirement income from what you've saved? How might you create other income streams to complement Social Security? Women have longer average life expectancies than men and may require significant periods of eldercare. As you face retirement, a financial professional who understands your unique goals can help you design an approach that can serve you well for years to come.