Q&A with MoneyGeek on Effective Financial Planning for Older Adults Reaching Retirement
March 18, 2023
If you’re about to reach retirement, you may be wondering how to manage your finances and see how you can continue to generate some income. Cody Moore, a Wealth Advisor with Wealth E&P, spoke with MoneyGeek on financial planning for retirement.
Q: “If an older adult was not able to save heavily before retirement, what’s the first tip you recommend for earning income in retirement?”
Cody: “The first step is to visit SSA.gov and ensure you are fully aware of your social security benefits. Your spouse is also entitled to their own benefit amount or half of your benefit, whichever is higher. When we run these analyses for clients, it is not uncommon to find they are entitled to a higher benefit than they have been receiving and have not been taking full advantage of medicare benefits as well.”
Q: “How do you recommend an older adult calculates their life expectancy when financially planning for retirement?”
Cody: “We always plan for all of our clients to greatly outlive their life expectancy. While the perfect scenario would be to spend your last dollar on your last day, the reality is that it is impossible to achieve. So you need to have a plan in place where you are not depleting your assets in order to fund your retirement. The worst thing that can happen is you're 90 years old, out of money from poor planning and too old to earn any income.”
Want to learn more about financial planning for retirement? Check out the full article feature, including more tips and key advice, on MoneyGeek’s website here. MoneyGeek, Welath E&P and LPL Financial are separate entities.
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