1 min read
07 Sep

Social Security & Retirement Planning FAQ: I have a professional designation that requires 40 hours of continuing education every year in finance. I teach classes at local libraries and online with general educational resources about social security, retirement income planning, and Medicare. I get to spend time with some amazing students and some questions come up almost every single class. 

  1. When should I draw social security?
  2. How much do I need to have saved to retire? 
  3. Am I going to run out of money? 

Yikes, talk about loaded questions, y’all. There simply is no one size fits all solution for retirement income planning. I have, however discovered a great place to begin. If we could tell the future we would know exactly what day to start and what dollar amount to save because with social security, none of us really know if we chose the exact right moment to begin benefits. You don’t have to panic about all of the unknowns. Focus on what you do know. 

  1. What do you have? Social security makes up a little less than 40% of the average earner retirement income. Knowing what you have will help you plan for the difference. 
  2. Where is it? In our quest to save for retirement with pension plans being practically extinct, more of the weight falls on our shoulders. We have to have a basic understanding of the plans we have. Take a personal inventory of your 401k, 403B, TSP, IRA, Roth IRA, CDs, Annuities, Savings, Cash life insurance values, stocks, bonds, real estate, commodities like coin, or cattle, checking, money market. 
  3. What do you spend? This is one that you and only you can control and only you truly know. What are you spending every month? What is the primary source of the dollars you spend? In retirement your spend may look slightly different, but it's best to plan for more than what you need. 

When should you draw? How much should you save? Will you run out? You might as well hand over some dice and see what you get. Or, you can take control of your retirement by answering 3 little questions: What do you have? Where is it? And What do you spend? If you know the answer to those 3 questions you are ready to plan and you can always have enough. 

Mama Bear Resources, LLC is known for making complex topics understandable and for drawing pictures to simplify your planning. We want you to be part of the plan and enjoy the process. Call or text us today to schedule a 20 minute no obligation 

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