We tend to spend more time planning a vacation than we do planning for retirement. It’s not hard to understand why—we’re putting out a lot of money for a week or two of fun or relaxation, and we want to get the most out of it. But wait. Isn’t planning for retirement the same? We’re putting a lot of money into supporting ourselves when we leave work, and we want to get the most out of it, right? One reason we avoid planning is because it seems so complicated. But if we take one step at a time, it’s not all that hard.
Let’s look at the decision on when to claim your Social Security benefits. All you need is a little information and AARP’s simple calculator at www.aarp.org/socialsecuritybenefits. It might surprise you to find out how much delaying your benefit can grow your monthly check.
Sign in to download the full tip sheet.