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Asset Allocation
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Retirement: It can be a scary thing. Politicians talk about the state of Social Security, and it gets under your skin. You start to wonder what you can do to make sure that you can plan for your retirement so that you can be in control. The first step that you need to take to gain that control is simple. Work with someone who will help you plan effectively. That's what a certified retirement financial advisor is there for. But we don't want to do the work. In fact, we don't even want to be in control of your plan. We know that in order for your future to be secure, you need to be involved in the work. You need to have some control. But we also know that in order for us to make sure you have that control, we need to provide you with the information and tools that will give you that control. While we can advise you, while we have the experience with investments and retirement planning, we also know that the retirement plan that will be the most successful for you is the one that you help to design. In other words, you control the plan, not your certified retirement financial advisor. Therefore, we want to give you the best tools that we can. That's why our retirement calculator program is something that we make available to you for free. That's right: Just click the red button at the bottom of this page to download the software at no cost. Use the calculator in conjunction with the advice you get from your certified retirement financial advisor and you'll be able to plan your retirement much more successfully. What will this software do for you? It will let you look at your investments. It will let you test different scenarios and see just how inflation might affect you. It will show you how withdrawals you might make from your investments and savings might affect your future financial stability. And we know that your ability to have that knowledge makes you a better customer. We want you to be a great customer as much as we want to provide you with the best service possible. How will you know that a certified retirement financial advisor will give you the best service? That's easy. We're sure that you will be informed after using our free retirement calculator that, after you have had time to use it, we will provide you with a free consultation with one of our expert retirement information service consultants. This consultant will be able to answer any of the questions you might have and will be able to get you started on the path to financial security, both for now and for your retirement. We know that you need to be in control. We know that the best service for you is the service that meets your needs and exceeds your expectations. We know that we can provide those things for you. Now it's your turn to have proof that our certified retirement financial advisor can provide you with all of services that you need to achieve your retirement goals. Click the red button now to get started. Once you've clicked on the red button, you'll be able to download our free retirement calculator and then talk with a retirement consultant. We're sure that once you've clicked the red button, used our calculator and talked with one of our consultants that you'll love our service. |
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Analysis of the Economics of Early Social Security Withdrawal
Robert J. Phillips
Chief Retirement Consultant
Deciding whether or not to take the early withdrawal of social security at age 62 can be difficult. If you need this income at 62 to fund your retirement the decision is fairly straightforward. Take it early! On the other hand, if you have another source of revenue to fund your retirement your decision will be primarily based on lifestyle, health and investment preferences.
Several factors can affect your decision. First is your life expectancy. If you are in good health and have a family history of living beyond 90 then waiting for full benefits may be best. Two other factors impact this decision. First and most important is the value of money or your expected return from your investments. If you are using other investments instead of social security to fund your retirement you should use the rate of return of these investments as your value of money. There is another way to look at the value of money. If you do not require the social security money to live, you can invest the distributions for the future. The rate of return of this investment is your value of money. If your investments will make larger returns such as stocks this would favor taking the early withdrawal.
The last factor impacting your decision is inflation. Social security includes an annual adjustment based on inflation. You cannot control this variable but you should be aware of its impact. If future inflation is significant it will favor a later full distribution
Social Security Calculator:
Find Out Your Breakeven AgeWe developed a calculator to assist in analyzing the impact of taking early benefits at age 62 or waiting for full benefits at age 66 to 67 depending on the year you were born...If you were born in 1960 or later your full benefits will begin at age 67 and your reduction for early benefits at age 62 will be 30%. If you were born between 1946 and 1960 your full benefits begin as early as age 66. We have included a chart that summarizes information.
To use the calculator you need to input your year of birth. You also need to input a value of money up to 10% and a projected inflation adjustment. The calculator analyzes income generated over time from both the early and full benefit investments. It calculates the age at which full social security will catch up and breakeven with the early withdrawal. If you were born before 1960 your breakeven age will be impacted by the year you were born. An early breakeven age favors waiting for full benefits.
The social security calculator is not the final answer whether to take an early withdrawal but it does give you additional economic data to assist in that decision. Ultimately you must balance income, investments and lifestyle to optimize your enjoyment during your retirement years.
