If you’re getting closer to retirement, you might be thinking more about Social Security.
Can you count on it to contribute part of the income you’ll need as a retiree?
There’s been a lot of talk about Social Security’s potential financial troubles in the future, but because Social Security is a highly popular program, its likely lawmakers will find a way to keep its funding intact.
You can begin taking Social Security at 62, but your monthly payments could be considerably larger if you can afford to wait until your full retirement age, which is probably between 66 and 67.
But even if you do delay taking Social Security, it will still only make up part of the income you’ll need as a retiree.
So, while you’re still working, it’s a good idea to take full advantage of your IRA and your 401(k) or similar employer-sponsored retirement plan.
You could spend two or even three decades in retirement — so work to create a retirement income strategy that’s built for the long run.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
