Are you starting to think about retirement? Before you get too carried away daydreaming about your toes in the sand, there are several things to keep in mind. Review these five retirement planning tips to ensure a prosperous retirement. 

1) You will hopefully live a long and healthy retirement! Yes, folks forget that retirement might be 30 or 40 years in length. You will experience up and down stock markets, inflation, and unexpected expenses; be prepared.

2) The risk you take now matters. When you are accumulating money, volatility in the market can help you build wealth. On the other hand, when you start drawing from your investments, volatility will contribute to your principal’s depletion. Meet with a specialist to help determine your tolerance for risk, and at what age you should change your investment strategy. 

3) Maximize and optimize your Social Security.  Social Security Income is a massive part of retirees’ income, and most people understand very little about it. Take time to meet with a Social Security expert to help you understand the optimal age to start receiving those benefits. 

4) I will spend less. Well, maybe not. With retirement comes the freedom of time. What happens with more time? More expenses. Be prepared and take into account that you may spend more than you did pre-retirement. 

5) Understand what risk really means. The risk of stocks and bonds, both short and long term, will play a significant role in your retirement cashout. They both carry risks. Take time to understand them, and don’t forget about inflation! Things will likely get more expensive the older you get. One million dollars today will look much different that one million dollars when you retire.

If you found these 5 retirement planning tips helpful, we can give you even more advice to ensure a successful retirement. Contact our certified social security claiming specialist today and let us put you on the path to the retirement you always dreamed of.