This week, I’m talking about how to get back on track for retirement.

On Tuesday, I outlined the 4 primary factors that determine your success in retirement: 

• Asset allocation
• Savings Rate
• Retirement Date
• Spending in Retirement

Today I’m focusing on the 3nd factor: your retirement date. 

If you’re close to retirement, delaying your retirement date can often have the biggest impact on helping catch up if you’re not on track for retirement, and give you a better chance of making your money last in retirement, especially if you’re behind. Delaying your retirement even by just a few months or a year can have a big difference. 

Delaying your retirement will allow you to continue saving longer, take less income from your portfolio over your retirement since you’ll now be spending less time in retirement, and importantly, it allows you to delay social security (hence allowing it to grow). 

If you can’t bear the thought of working any longer past your planned retirement date, consider working part time. Every dollar that you bring in is one less dollar that you’ll need from social security or your retirement portfolio.

If you want to find out the retirement age that is ideal for you, send me an email and I will send you a simple 2 page worksheet that you can use to calculate your ideal retirement date, so you don’t run out of money in retirement. You can email me at [email protected]. That’s [email protected]. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

----------

>>> Subscribe on iTunes: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast