If you are approaching retirement, you’re likely facing a number of big questions. How will you spend your newfound free time? What kind of budget will you have? Will you downsize or stay in your home?
One of the biggest questions may be when to file for Social Security. While many people decide to file for their benefits as soon as possible, that’s not always the best strategy. By delaying your filing, you could reap some important benefits. The parades up Pennsylvania Avenue have ended and the champagne bubbles have burst in ernest celebration over the nation’s capital after one of the wildest election cycles in United States history. Yes, the parade of pundits & prognosticators in the financial press spouting off predictions for the year ahead is about over too. Once again as a new Populist Camelot emerges in D.C., the Madison Ave and Wall Street Wizards are telling us in the Money Magazines of the world that if we just buy and hold through any financial crisis, our children and legacies will be taken care of. In fact, Money Magazine itself in the January issue, serves up the theory or myth of “buy and hold” again as one of it’s top tips as it has after every correction or bull market. The lesson, this beneficial magazine misses always is how much buy and hold’s success depends upon family health & age, depth of desperation, and the extent of the bear market decline. In another words, the four words to run far and fast from are “this time it’s different”.
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