Retirement Planning Tips When You’re In Your Mid-60s

retirement planningRetirement planning can be quite a challenge, regardless of your age. However, there are ways to help you prepare for those golden years. Here are retirement planning tips for those currently in their mid-60s.

Once, 65 years old was the common age for retirement. Since then, much has changed. The Social Security Administration has increased the age when total retirement benefits are available. Additionally, various company-sponsored plans have shifted from defined benefit to defined contribution plans.

Retirement Planning Tips

With these updates, many savings programs are not yielding expected returns. Consequently, many people have no choice but to postpone their retirement. Even if you feel financially stable, it doesn’t always mean retirement at 65 is necessary. Many 65-year-olds still enjoy working and love their jobs. However, certain considerations must be addressed when planning retirement in Myrtle Beach during your mid-60s and beyond.

North Myrtle BeachAre You Ready To Retire?

If your employer offers retirement at 65, consider if you’re prepared to quit, financially and psychologically. If not, determine if you can work a few more years or become a consultant. This should ideally be done at least one year before retirement age, as some employers start the retirement process early. Many employers now focus on hiring and retaining skilled, experienced staff to fortify their intellectual banks.

Remaining a salaried employee means steady income and employer-provided benefits. However, consulting offers flexibility and a working retirement.

Create A Retirement Budget

Seniors who have saved for years may feel they can finally enjoy their retirement money. While true, overspending can deplete savings quickly. To avoid this, budget your expenses, including new costs like travel, for a realistic calculation of what you can afford in retirement. A budget is crucial in retirement when income mostly comes from

  • savings
  • pensions
  • social security benefits.

Use Your Home For Extra Income

Consider downsizing to a smaller, less expensive home or moving to a lower cost-of-living area. This can provide extra funds for your retirement nest egg. If you prefer staying in your home but need extra income, consider a reverse mortgage. Under this program, lenders use your home equity to provide tax-free income.

Before applying for a reverse mortgage in Myrtle Beach, ask about

  • fees
  • mortgage terms
  • payment options

Income Management

If you need income from savings to finance retirement, aim to lower taxes and maximize what you keep. Your financial profile determines the best time to use specific income types. Generally, withdrawals from employer-sponsored plans, traditional IRAs, or other tax-deferred accounts should occur when you have a lower income tax rate, reducing the income tax owed on these amounts.

For more information on retirement planning and reverse mortgage loans, contact David Stacy Reverse Mortgage Specialist.

David Stacy Reverse Mortgage Specialist
Myrtle Beach, SC 29577
(843) 491-1436

We serve all of Horry County including: North Myrtle BeachCarolina Forest, Socastee, Forestbrook, Conway, Surfside BeachLittle River, Myrtle Beach, Forestbrook