How Much Do I Need to Retire?
With pensions dwindling, cuts to Social Security, and skyrocketing costs of living, the question on the minds of many older adults is “How much do I need to retire?”
The answer depends on several factors, including the number of dependents for which you are responsible, the standard of living you would like to maintain, the cost of living in a particular region, and many more. At Meridian Retirement Solutions, we guide you through these complex factors to develop a personalized retirement income planning strategy that works for your long term goals.
We Build Relationships, as Well as Financial Portfolios
Led by the renowned expertise of Larry Goldstein, our Boca Raton retirement planning firm develops one-on-one relationships with each client, while offering the same high-quality services as corporate giants. We encourage all residents in the Boca Raton area to visit our office and discuss retirement planning, wealth management, Social Security, and any other questions they may have related to their long-term retirement plan.
After securing your retirement income, our experts at Meridian Retirement Solutions will help you maximize the money market portion of your portfolio. This allows you to continue building wealth without taking risks that could compromise the security of your future. The earlier you begin planning for retirement and developing an investment portfolio, the less you will have to worry about your future financial needs.
Our Strategy is Simple:
Ensure your retirement income on a monthly schedule.
Manage the remainder of your assets to support aggressive growth.
Enjoy a carefree retirement without financial worries.
Explore Our Opportunities
When you apply for Social Security retirement benefits for the first time, you may not give much thought to the precise monthly amount you’ll begin receiving. However, the decision to claim Social Security benefits at 62 instead of 67 or 70 (or vice versa) can mean leaving thousands of dollars on the table, depending on your personal circumstances. These factors include your non-Social Security income, your net worth, your family history and longevity, and how your current salary stacks up against past years’ earnings.
For example, someone who waits until 70 to claim these benefits and passes away at 72 will wind up receiving only a fraction of the benefits they would have received if they had claimed these benefits at 62. Someone who claims their benefits at a relatively young age and then lives for another several decades might have realized more benefits by waiting a few years to receive the higher amount. Asking the question, “How much Social Security will I get?” before you decide to make a claim — and fitting the answer into your budget and retirement spending plan — will ensure you never feel the financial squeeze in retirement.
Although knowing the average Social Security benefit by age can be useful as a ballpark estimate, determining “How much does Social Security pay?” in a specific situation will depend on your earning history. You can get a fairly accurate read on your future Social Security payments by looking at your last Social Security benefits statement or using an online Social Security estimator. These tools can help you answer the question with confidence, while Meridian Retirement Solutions can work with you on maximizing Social Security.
Ready to Take The Next Step?
For more information about any of our products and services, schedule a meeting today or register to attend a seminar.