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Ideally, Social Security benefits should be part of a financial plan that includes other income sources and should be discussed as a strategy. Social Security is one of the few retirement income sources that comes with a built-in cost-of-living adjustment (COLA), which is a big advantage when it comes to combating inflation’s erosion on buying power, BMO said. Therefore, it is vital that couples discuss their strategy for taking Social Security as part of their retirement plan.The survey revealed that only 54% of retirees have a financial plan. While those ages 45 to 54 are the least likely to have a financial plan (only 42% have one), they are at an ideal time to start thinking about their retirement income and to identify any shortfalls in savings. The survey asked those who had already retired what advice they would provide to preretirees, and 69% of those already in retirement recommended that preretirees make a financial plan.The BMO report, “Retirees not maximizing Social Security retirement benefits,” is available here.
Ideally, Social Security benefits should be part of a financial plan that includes other income sources and should be discussed as a strategy. Social Security is one of the few retirement income sources that comes with a built-in cost-of-living adjustment (COLA), which is a big advantage when it comes to combating inflation’s erosion on buying power, BMO said. Therefore, it is vital that couples discuss their strategy for taking Social Security as part of their retirement plan.
The survey revealed that only 54% of retirees have a financial plan. While those ages 45 to 54 are the least likely to have a financial plan (only 42% have one), they are at an ideal time to start thinking about their retirement income and to identify any shortfalls in savings. The survey asked those who had already retired what advice they would provide to preretirees, and 69% of those already in retirement recommended that preretirees make a financial plan.
The BMO report, “Retirees not maximizing Social Security retirement benefits,” is available here.
Kristen Heinzingereditors@plansponsor.com