It is never too late. Men and women in their 60’s may be disappointed to crunch the numbers on their current savings. But, there are methods and strategies that can be accomplished to boost that income to a more sizable and relaxing amount. Delaying is par for the course for those who are closing in on a typical retirement age but are not ready to make the plunge.
The first, and possibly the most obvious, is to delay retirement by about two years. It may seem like a hard pill to swallow. But, it can make a huge difference. The extra two years can offer substantial maneuvering room to make the cut.
Now, there are ways to ease the transition and make it less jarring. The first is to settle in a part-time job. There are many job-seeking sites available that have jobs in a part-time capacity. This will keep an income drawn without fully dipping into a retirement.
Another strategy is to delay social security. Delaying it could garner higher benefits once retrieved. Social security isn’t in the best of places, so rewards are built in to support those who wait longer to draw on it. It is expected to increase about 8% for every additional year that is waited. It is possible, once hitting retirement age, to extend the SS by 5 years and receive nearly twice as much once finally accepting it.
The idea is to stall drawing down on retirement. The actual acquisition of retirement funds through a 401(k) will open the door for major spending. Soon-to-be retirees should dial back expenses prior to drawing on retirement and acquire high-grade retirement financial planning in Houston.
Retirement financial planning in Houston in one’s 60’s could account for a best-case scenario. It could make sure that a spouse is also cared for. It will require some delicate planning and discipline, but it is possible to make that amount increase in a logical way even when one is in their 60’s.