Exercise Your Right to Vote Tomorrow, May 23rd, @ High School

Are You ready to Retire?

by Jay Marsden
May 3, 2017

Solares Hill Advisors

Jay Marsden
847 Washington Street
Holliston, MA 01746
617-306-1572
jmarsden@solareshilladvisors.com
www.solareshilladvisors.com

Here are some questions to ask yourself when deciding whether or not you are ready to retire.

Is your nest egg adequate?

It may be obvious, but the earlier you retire, the less time you'll have to save, and the more years you'll be living off your retirement savings. The average American can expect to live past age 78.* With future medical advances likely, it's not unreasonable to assume that life expectancy will continue to increase. Is your nest egg large enough to fund 20 or more years of retirement?

When will you begin receiving Social Security benefits?

You can receive Social Security retirement benefits as early as age 62. However, your benefit may be 25% to 30% less than if you waited until full retirement age (66 to 67, depending on the year you were born).

How will retirement affect your IRAs and employer retirement plans?

The longer you delay retirement, the longer you can build up tax-deferred funds in traditional IRAs and potentially tax-free funds in Roth IRAs. Remember that you need taxable compensation to contribute to an IRA.

You'll also have a longer period of time to contribute to employer-sponsored plans like 401(k)s — and to receive any employer match or other contributions. (If you retire early, you may forfeit any employer contributions in which you're not fully vested.)

Will you need health insurance?

Keep in mind that Medicare generally doesn't start until you're 65. Does your employer provide post-retirement medical benefits? Are you eligible for the coverage if you retire early? If not, you may have to look into COBRA or an individual policy from a private insurer or the health insurance marketplace — which could be an expensive proposition.

Is phasing into retirement right for you?

Retirement need not be an all-or-nothing affair. If you're not quite ready, financially or psychologically, for full retirement, consider downshifting from full-time to part-time employment. This will allow you to retain a source of income and remain active and productive.

*NCHS Data Brief, Number 267, December 2016

*******************************************************************************************************************

Securities offered through Advisory Group Equity Services, Ltd. Member FINRA/SIPC
Advisory services offered by Trust Advisory Group, Ltd.

444 Washington Street, Suite 407
Woburn, MA 01801
(781) 933-6100
Fax: (781) 933-6101

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2017.

 

E-mail This Article

Comments (0)

Advertisement

Advertisement

Recent Articles by Jay Marsden:

HOLLISTON PORCHFEST RETURNS IN 2017

On Saturday, May 20 from 12 to 5pm, the streets of Holliston will fill with music as more than a dozen bands perform for Holliston Porchfest 2017. Visitors will be able to catch a variety of local artists across a range of genres playing on front porches in Holliston’s Downtown Village Business District and Mudville Neighborhood.

1

Continue ...

Lunch and Learn: Medicaid Planning for the Mass Affluent

Continue ...

Quarterly Market Review: January-March 2017

Riding the momentum following the presidential election, stocks surged for much of the first quarter of 2017. Solares Hill Advisors Jay Marsden 847 Washington Street, Holliston, MA 01746 v.617-306-1572 jmarsden@solareshilladvisors.com

Continue ...

Four Ways to Double the Power of Your Tax Refund

The IRS expects that more than 70% of taxpayers will receive a refund in 2017.¹ What you do with a tax refund is up to you, but here are some ideas that may make your refund twice as valuable. Solares Hill Advisors Jay Marsden 847 Washington Street, Holliston, MA 01746 v.617-306-1572 jmarsden@solareshilladvisors.com

Continue ...

How can I prepare financially for stormy weather?

Take some commonsense precautions to safeguard your home, vehicles, and other possessions against damage. Solares Hill Advisors Jay Marsden 847 Washington Street, Holliston, MA 01746 v.617-306-1572 jmarsden@solareshilladvisors.com

Continue ...

Advertisement

Recent Articles in Comments:

Election - Please vote on Tuesday, May 23

by Stacey Raffi

Joan Shaughnessy and I are re-running for our School Committee seats! This race is contested - so we need your votes!

Continue ...

In Harms Way

by Paul Saulnier

Since Memorial Day of 2015, the last time posters were hung on the poles, sixty-five military personnel and two civilians are remembered.

4

Continue ...

Annual Holliston SpringFest 2017

by Matt Ristaino

Continue ...

Why I am voting for Stacey Raffi for Holliston School Committee

by Bill Blinstrub

For the first time in several years we have a contested race for a seat on the school committee here in Holliston. Our excellent schools are a source of great pride for Holliston residents.

Continue ...

Police Log for Week of May 7 - 13, 2017

by Paul Saulnier

Bling job on Woodland and Bertucci's parking lot is becoming as popular as Washington & Highland.

Continue ...

Advertisement