Social Security is meant to lead people into a comfortable, stress-free retirement. But, that doesn’t mean you don’t encounter some unchartered territory along the way. These tips should help you navigate Social Security with greater ease.
Tip #1: Don’t depend solely on Social Security.
Social Security is a great safety net to have and to benefit from, but don’t rely on it alone. The program was never meant to be the only income for retirees, so don’t treat it as such. You should have multiple avenues of income during retirement.
Tip #2: Be mindful of the cost of living in your community.
You may love where you’re living now, but keep in mind how expensive it is to live there. If you can, choose a community to retire in that also offers a low cost of living. It can do wonders for retiring comfortably.
Tip #3: High earners will need to save more.
Lower earners typically see a larger income replacement rate with their Social Security payments. So, if you’ve been earning higher wages throughout your career, be sure to save even more for retirement so you can achieve the quality of life you want in retirement.
Tip #4: Think twice before retiring abroad.
It sounds dreamy, we know. But before leaving stateside for good, understand that retiring abroad is not all rosy. You’ll have to be up for the challenge of learning a new language, adjusting to a new culture, and making new friends late in life.
*The content within this article is for informational purposes only and does not constitute legal or tax advice. Customers should consult a legal or tax professional regarding their own unique situation before making any decisions regarding their Social Security options.
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