The majority of baby boomers haven’t saved enough to fully retire at 65 while having their pre-retirement living standard, says recent studies. Because of this, they either need to work longer, reduce their living standards, or do a mix of both. This means that they need to make some critical decisions in regards to retirement planning, which may even include getting retirement planning and advice in California.
Here are the three decisions that are likely to have the most impact on baby boomers’ retirement:

When and how to retire

Decisions about when to retire and how to retire can have a significant impact on your life after retirement. For example, if you choose to retire at 62 and immediately start collecting your social security, you may begin drawing your retirement savings and have a reduced quality of life because of fewer retirement savings. On the other hand, if you choose to retire at 70 while working full time, not only will you have an edge regarding social security benefits, but you would have saved more for improved retirement life. You can also choose to retire at 62 and work part-time to cover your living expenses while not contributing to the savings. However, it can be overwhelming to decide the right time to retire, which is why getting the best retirement planning and advice is critical.

When to start taking Social Security benefits

The decision of when to begin collecting social security benefits is largely dependent on your circumstances. You can either begin taking them as early as age 62 or wait till you have reached your full retirement age. While there’s no correct age to do it, retirement planning and advice experts in California suggest delaying your social security, as doing so will pay you off over a long retirement.

Which expenses to reduce

As we enter into retirement, our needs change, and so do our expenses. However, we often need to cut back on expenses that we considered essential five or ten years before retirement. If you have enough savings to support your expenses, you should not have to worry; nevertheless, if your savings are less than the average retirement savings, you may need to analyze all your income sources and expenses, and based on that, you should think of the expenses without which you can spend your later years comfortably. It can be challenging to decide, which is why retirement planning and advice in California can be of big help.

If you or your senior loved one is going to retire soon and want to have a comfortable retirement life, get in touch with Chris Cooper today for the best retirement planning and advice.