Joey Romano/Edward Jones
You could spend two or three decades in retirement. To meet your income needs for all those years, you’ll generally need a sizable amount of retirement assets. How will Social Security fit into the picture?
First, you’ll need to decide when to begin taking your benefits. You can start at age 62, but you’ll receive a lot less than you would if you waited until your full retirement age, which will probably be between 66 and 67. So, if you have enough other sources of income, you might want to delay filing for benefits.
And if you’re married, you may need to consider the potential for spousal and survivor benefits.
Also, be aware that your benefits may be reduced if you’re still working and you haven’t reached your full retirement age.
Finally, keep this in mind: The more you invest in your IRA and 401(k), the more flexibility you’ll gain in managing your Social Security benefits. So, try to contribute as much as you can afford to these plans. It’s never a bad idea to boost your retirement savings.
This is Joey Romano, your Edward Jones financial advisor at (903-665-9965. Member SIPC