Demystifying Common Financial Concerns/Topics
Financial matters can be major stressors for many families. One recent survey reported that 73% of Americans view “finances” as their number one cause of stress…followed by politics (59%), work (49%) and family (46%). The term “finances” may mean different things to different people during various phases of life. We have the privilege of collaborating with successful people with diverse lives and financial backgrounds, so we thought it would be beneficial to give readers authentic content from real clients.
Am I saving enough for Retirement?
Saving money requires motivation and discipline to set aside funds (such as a portion of your paycheck) for future use. There is no one-size-fits-all approach to retirement. Consistency is frequently the foundation to a successful retirement savings plan. Utilizing tax shelters (such as retirement arrangements) and capitalizing on company matching “free money” can help build more wealth. “How much is enough” is a function of the lifestyle (in annual spendable dollars) you desire to live in retirement. This figure can be impacted by things like inflation, cost of living, healthcare expenses, Social Security, and personal goals.
How should I invest inside my Employer-Sponsored Plan?
First, it is wise to review your company’s plan document to learn about the plan, employer matching contributions, vesting schedules, and available investment options. Long term returns are often a function of risk, so it is important to understand the relationship that taking more risk may lead to higher returns but also exposes investments to greater volatility. It is generally agreed upon that investors should pursue a diversified asset allocation that aligns with their personal risk tolerance, time horizon, and retirement goals. Risk exposure should be reevaluated at various phases of life to ensure the investor is still comfortable based on a specific phase of life.
When should I begin drawing Social Security?
To qualify for Social Security retirement benefits, you need to earn 40 work credits, which is at least 10 years of earned income. If eligible, you may begin receiving benefits as early as 62 years old at a reduced monthly benefit. To earn the full monthly benefit, one must wait until Full Retirement Age (FRA), which ranges from 66-67 years old (depending on year of birth). Waiting until FRA, or up to age 70, can increase your monthly benefit amount. The decision of “when to begin Social Security” should be based on a more comprehensive understanding of sources of income in retirement, total expected income in various years, and overall finances. It may be helpful to think “how will I replace my paycheck now that I am no longer working?”
Sources: Forbes.com, 2023. https://www.forbes.com/advisor/retirement, Social Security Administration, 2025. https://www.ssa.gov/benefits/retirement/planner
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