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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
January/February 2022
Your Retirement Countdown
If you expect to leave the workforce in the next five years or so, planning will make for a smooth transition.
Check Your Account Balances
Ideally, you’ve been monitoring your investments to determine whether they’re performing the way you expected. If you’re falling short of your goals, work to make up the difference. At age 50 or older, you can begin making catch-up contributions to your account.How Much Will You Need?
Estimate what your retirement expenses will be and create a spending plan that will cover the basics but still leave room for extras, like travel, hobbies and unexpected expenses. Keep in mind that some expenses you have while you’re working may be eliminated, or at least reduced, once you’re retired.Retire Debt Free
Before you retire, come up with a plan to pay off your credit cards and personal loans and, if possible, your mortgage and home equity loans.Social Security and Medicare
You can begin taking Social Security benefits as early as age 62 or as late as age 70. The longer you wait, up to age 70, the larger your monthly benefit will be. However, there are several factors to consider, and your personal circumstances should guide your decision.There are strict rules governing when you must sign up for Medicare and failing to follow them can result in stiff penalties. The coverage provided by Medicare is limited, so you’ll probably want a supplemental health insurance plan.
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Active Planning & Investment Solutions and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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