Frequently Asked Questions about Retirement

Retirement may come with a few frequently asked questions, like “How much money do I need to retire?” or “How will I pay for Medical Expenses in Retirement?”. Roland and Leah go over these frequently asked questions and more to help you understand what kind of retirement YOU can have!

When you can retire comes down to when you want to retire and when you’ll have enough money saved to replace the income you receive from working. The earliest you can start claiming Social Security benefits is age 62. However, by filing early you’ll sacrifice a portion of your benefits. If you were born in 1960 or later, full retirement age (which is also full Social Security benefits age) is 67. And your benefit will actually increase if you can delay it further, up until age 70. Some people retire early (because they want or have to), and many retire later (again, because they want or have to). Many people find it’s best to slowly ease out of the workforce rather than retire abruptly.

Some Common Questions We receive are:

• When should I start saving for retirement?
• Where should I save my retirement money?
• How should I invest the money?
• How should my strategy change as I get older?
• How much money will I need in retirement?
• Will pensions and Social Security be enough?
• How much should I save?
• What if I can’t save enough?
• How can I reduce the amount I’ll need?
• What if I’m running out of time?
• I’m saving a lot but will still fall short – what now?
• When can I retire?