SPRINGFIELD, Mo. – Retirees across the country are putting their retirement plans on hold due to soaring inflation and uncertainty in the stock market.
Whether you plan to retire tomorrow or 20 years from now, local financial professional Brad Pistole from Trinity Insurance & Financial Services has five tips to help you retire on time.
Why are people postponing their retirement?
Inflation has been high throughout the year. As prices go up, more retirees fear that they haven’t put enough money into their accounts and could run out of money.
Maximize Your Savings
“A lot of times in a recession, people will think, well, that’s the first thing to go. I want to pull back and not invest as much. But remember, the market’s down. It is a great buying opportunity. That’s where the phrase ‘buy low, sell high’ comes from.” said Pistole.
Use a Retirement Plan
Make sure you’re working with a qualified professional, make sure that you have a written plan and make sure that it includes tax planning.
Use Social Security Wisely
“You can delay your Social Security all the way out to age 70 and not a lot of people do that,” said Pistole. “Very few, in fact. But if you did choose to delay from 62 all the way to age 70, that is a 76% increase in your lifetime pay. That is a huge benefit.”
Save for Healthcare
Make that you have something specific set up that could be a specific type of life insurance policy that’s got chronic illness and critical illness benefits on it. It could be a traditional long-term care policy or it could just be a savings account that you have designated for health care emergencies.
Consult a Professional
“Sometimes we ignore our finances. We just decide to try to do things on our own. But it’s really important to go to a financial professional and make sure that you have someone that certified, especially in the area of retirement income, you’re going to be in a whole lot better shape long term,” said Pistole.