With the cost of living, and even staying alive, going up every day, it has become difficult for a lot of older folks to plan out their retirement properly. You will need to do quite a bit to have a good retirement pot saved up and then be very careful not to go overboard with the spending post retirement. Since a lot of private pension plans no longer exist, and healthcare is expensive, we have put together a small list of retirement advice that you could incorporate in to your life as the retirement age approaches so that you can have the best possible outcome.
So first of all, lets dispel some popular bad advice. Many people will tell you that as you can dip in to your social security distributions from the age of 62, you should do that and get a head start on the funds that will be available for you. We say that you should only do that if the money is an absolute necessity at the time. So what many people do not know is that the earlier you start taking out the money from your social security fund, the less you actually get even over time. You can start taking out the money at age 66 to get a higher pay out. With the funds maturing more, you will be able to take out a higher percentage every year, but you would be missing out on a lot of money if you start off at a lower percentage and then build up. To get the absolute best result, you should wait until you hit 70. Once you are 70 the payout reaches an all time high and it becomes the best time to start using the funding regularly for yourself.