The ABC’s of Retirement Planning
Ready to start planning for retirement? Luckily, it is never too early to start. It is also never too late to get a plan in place, either. It can be confusing and tiresome trying to figure out what path you should take, but the good news is, it all depends on your goals and future plans which means: it is all in your hands! There are a few simple basics you should know when it comes to retirement planning, and we’re here to help. Keep reading to learn more about the basics of retirement planning and how investing in gold for retirement should be part of the plan.
When Can You Retire?
First thing’s first: Figure out when you’d like to retire. Many people dream of retiring early and enjoying their years, however, this takes some diligent planning. Here’s why:
According to the Social Security Administration, you can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age.
There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit will be reduced. Each person’s situation is different. It is important to remember:
- If you delay your benefits until after full retirement age, you will be eligible for delayed retirement credits that would increase your monthly benefit.
- That there are other things to consider when making the decision about when to begin receiving your retirement benefits.
If you’re looking to retire early and accept the reduced benefits, you will want to make sure you prioritize your financial goals and consider investing to make up the difference.
Prioritize Your Goals
There are many financial goals throughout life that you will need to consider, other than just retirement. Will you want to purchase a new home? A new car? Do you want to make renovations one day? Do you plan on paying for your children’s college tuition? Do you have health issues that require extra savings and costs throughout life that you will need to consider?
It is important to make a list of all your financial goals other than retirement to help you consider how much you will need to save for retirement. Will you want to take your kids on a Disneyworld vacation? How much traveling will you do before and after retirement? Do you plan on downsizing? Sit down and write out all of your financial goals and major purchases that you anticipate throughout life. This will not only help you choose the right retirement plan, but also how much extra savings you will need.
Select Your Retirement Investments
According to NerdWallet, retirement accounts provide access to a range of investments, including stocks, bonds, and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk.
Generally, the idea is to invest aggressively when you’re young, and then slowly dial back to a more conservative mix of investments as you approach retirement age. That’s because early on you have a lot of time for your money to weather market fluctuations — a few bad years won’t ruin you, and your nest egg should benefit greatly from the stock market’s history of long-term growth. Investing for retirement evolves alongside you as you change jobs, add to your family tree, endure stock market ups and downs and get closer to your retirement due date.
One of the ideal things to consider investing in for retirement is gold. Gold will diversify your portfolio while also stabilizing it. The value of gold rises as the value of the dollar decreases, and also acts as a hedge against inflation (which, as we all know, has been rising like crazy).
The other great thing about investing in gold for retirement is that it doesn’t require any special knowledge and the payout is easy. With investments such as real estate, you will need some knowledge, have to hire experts, and have to wait a long period of time from when you decide you want your money and when your investment actually sells. With gold, the cash comes quick, and buying gold is easy.
About Priority Gold
If you are ready to invest in gold to protect your savings and secure your future, we can help. Priority Gold is one of the most trusted precious metals dealers in the United States with BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives.
We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. In addition, gold shows up on schedule. Priority Gold guarantees the highest standards of customer service, which comes with honesty, professional conduct, and the Ethical Code of Business.
For more information, visit us at prioritygold.com