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Asset Allocation
Often financial "experts" make asset allocation difficult to understand. My goal in this series of articles is for you to understand asset allocation thoroughly, in an easy to understand format.Do You Have A 401k Financial Plan
401kfinancialplan.com
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How does your 401k fit into your financial plan? Is it the only investment you have? Did you choose it because your employer offered a matching contribution and it seemed to you that you'd be saving twice as much? Did you look at other options, or was opening your 401k account the only thing you've done to establish your financial plan? If you've made your 401k your entire financial plan, you may not have all the information that you need. You may not know how your 401k will be affected if you change jobs. You may not know about penalties that will be assessed if you make early withdrawals from your 401k account. But, even more importantly, you may not be aware of the other options that are available to you. There are annuity accounts, certificates of deposit, stocks, bonds, mutual funds and IRAs. Each of them has a number of advantages and disadvantages. And there are also ways in which each can be beneficial to your overall financial plan. How do you research all of the savings and investments that are available? How do you make sure that you are saving and investing well for the retirement goals that you have? How can you be sure that your 401k account fits in with your financial plan? One way is to download our free retirement calculator because we've done that research for you. We've looked into the way different savings and investment strategies have paid off. When you download our free retirement calculator, you'll be able to use our research to look at your own savings and investments. You'll be able to look at the way your savings accounts, including your 401k, stocks, bonds and mutual funds have performed in the past. Even more importantly, you'll be able to see how all of your investments are projected to perform in the future. You'll be able to look at how your savings accounts and your investments will work for you over the next 25 years, and the values that you see will reflect the ways that interest rates and inflation will affect your financial plan. Regardless of what you see when you evaluate your 401k account and other financial plans, you'll be able to use our retirement calculator to explore other options as well. Use our retirement calculator to explore the way other savings plans have and will perform. Use it to see which small changes to your investment strategy will affect your financial plan. And once you've had the chance to explore your savings and investments, we'd also like to give you the opportunity to discuss what you've learned with a financial advisor. You'll be able to ask the questions you have, whether those questions involve how to branch out from your 401k being your only financial plan to having a diversified investment portfolio or those questions involve interest rates, and get the answers that you need. During this free consultation with a financial planning expert, you'll be able to develop a great strategy for making your savings and investments work for you. You'll be able to turn that strategy into a plan and then to put that plan into action. Your 401k can be a valuable part of your financial plan, but it doesn't need to be your only financial plan. Take the time to really understand your savings and investments and how they'll work for you. Just click the red button to get started. Learn more about your investments and how to make the right choices for your financial plan. |
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Analysis of the Economics of Early Social Security Withdrawal
Robert J. Phillips
Chief Retirement Consultant
Deciding whether or not to take the early withdrawal of social security at age 62 can be difficult. If you need this income at 62 to fund your retirement the decision is fairly straightforward. Take it early! On the other hand, if you have another source of revenue to fund your retirement your decision will be primarily based on lifestyle, health and investment preferences.
Several factors can affect your decision. First is your life expectancy. If you are in good health and have a family history of living beyond 90 then waiting for full benefits may be best. Two other factors impact this decision. First and most important is the value of money or your expected return from your investments. If you are using other investments instead of social security to fund your retirement you should use the rate of return of these investments as your value of money. There is another way to look at the value of money. If you do not require the social security money to live, you can invest the distributions for the future. The rate of return of this investment is your value of money. If your investments will make larger returns such as stocks this would favor taking the early withdrawal.
The last factor impacting your decision is inflation. Social security includes an annual adjustment based on inflation. You cannot control this variable but you should be aware of its impact. If future inflation is significant it will favor a later full distribution
FREE Social Security Calculator:
Find Out Your Breakeven AgeWe developed a calculator to assist in analyzing the impact of taking early benefits at age 62 or waiting for full benefits at age 66 to 67 depending on the year you were born...If you were born in 1960 or later your full benefits will begin at age 67 and your reduction for early benefits at age 62 will be 30%. If you were born between 1946 and 1960 your full benefits begin as early as age 66. We have included a chart that summarizes information.
To use the calculator you need to input your year of birth. You also need to input a value of money up to 10% and a projected inflation adjustment. The calculator analyzes income generated over time from both the early and full benefit investments. It calculates the age at which full social security will catch up and breakeven with the early withdrawal. If you were born before 1960 your breakeven age will be impacted by the year you were born. An early breakeven age favors waiting for full benefits.
The social security calculator is not the final answer whether to take an early withdrawal but it does give you additional economic data to assist in that decision. Ultimately you must balance income, investments and lifestyle to optimize your enjoyment during your retirement years.
