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Asset Allocation
Often financial "experts" make asset allocation difficult to understand. My goal in this series of articles is for you to understand asset allocation thoroughly, in an easy to understand format.Financial Planning Newsletter
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Don't Rely on a Financial Planning Newsletter to Help You Understand Your Investments
How much time have you spent looking at a financial planning newsletter? How much of the information in that financial planning newsletter was directly related to the goals that you have for your retirement? How much of the information contained in that financial planning newsletter was relevant to the savings and investment accounts that you have? When it comes to a financial planning newsletter, there are a number of things that you will learn about. You will be able to get information about employer sponsored 401k plans and Roth IRAs. You will be able to read about annuity accounts, rollover accounts and certificates of deposit. You will have the chance to learn something new about stocks, government sponsored bonds and mutual funds. In a financial planning newsletter, you will even be able to learn about setting retirement goals and about finding the right financial advisors to help you to reach those goals. With such a wide variety of information available in a financial planning newsletter, it?s easy to get overwhelmed if you try to take in all of it. But there is one thing that you can do that will ensure that you get the most from the financial planning newsletter that you have taken the time to read. What is that one thing? It is taking the time to research your financial plans and taking the time to determine whether or not you are taking the right actions to help you to achieve your retirement goals. One tool that you can use to explore your own plans in order to further understand the content of the financial planning newsletter is the free retirement calculator that can be downloaded at the bottom of this page. How exactly will that help you to understand the information from the newsletter? To begin with, it will allow you to better understand your own retirement planning. You'll be able to study your own savings and investments. You'll also be able to evaluate the way in which the stocks, bonds and mutual funds you have invested in have performed - separately and together - over time. When you evaluate the ways in which savings and investment accounts have performed over time, you will be able to better understand content on those topics. But you will not only have information about how your investments have performed. You will also be able to see how those same savings and investments accounts are expected to perform over time, as well as how those projections are affected by changing interest rates and inflation. Many people who create a financial planning newsletter consider those points. They want their readers to know what to expect from their savings and investments, because many financial planning newsletter publishers know that their readers don?t always understand interest rates and inflation and the ways in which those things affect their financial futures. With the retirement calculator, you will be ahead of others who just read the newsletter. You will be able to evaluate the way that small changes will affect your savings. You can see the affects of making different investments and even the effects of making withdrawals from your savings. And, in case you have more questions that you need to have answered about your own financial planning - questions that were not addressed in a financial planning newsletter or with the retirement calculator - you will be able to take advantage of a free consultation with a financial advisor. You'll be able to ask questions, get answers, and make sure that you have the most solid financial plan that you can. Being in control of your own retirement. Take advantage of the free retirement calculator and financial advisor consultation: just click the red button to get started. |
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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
FREE 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.
