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Pre retirees -- listen up we have our retirement expert -- sharp the president and co-founder of oak harvest financial group.
Joining us with ways so baby boomers those 46 to 64 -- call them pre retirees.
I can retire without warning you look at the climate that we're in right now.
Where the money money interest rates are basically nothing here and you know they don't want to stops where you go so you have some tips to help.
People out ease the worry in the golden years -- I absolutely norm when you you enter this phase.
Your financial life mangled.
The retirement -- the pre retirement -- You have to start planning you have to start to be proactive and about what you're going to do as far as investing your choices are a lot of options out there.
There's also a lot of risk in this era like you mentioned and money in the bank attorney next to nothing -- you know 0% interest rates you know in perpetuity.
So retirees have to understand first and foremost that planning is absolutely critical and working with the retirement especially.
It up on that -- does get a retirement advisor how do you know what type of retirement about it.
Yes yes there yet to ask that question first and foremost.
When you work with an advisor one of the things that you -- to do -- ask what's the average age of your clients -- What are some of your -- experiences have you help people make the right decisions when it comes to -- Social Security.
And denigrating that Social Security election strategy into their overall retirement income plan.
So there are a lot of options that you have to sit through to consider when it comes to selecting that.
Retirement -- advisor but you can't do you don't ask the question Social Security's big issue for people forks in the system and getting it when you shed.
Defer it and money should take it out other some guidelines here -- that is the Social Security program was devised by.
People who were almost seemingly trying to confuse the most amount of Americans as possible one of the most complex government programs out there.
Healthy husband and wife.
-- have tens of thousands of different possible combinations of how and when to elect Social Security -- so some general rules of thumb.
If you take Social Security at age 66 as opposed to age 62 affects a lot of people -- wanna take it early 62.
If you do that.
Wait -- 66 you'll receive more income over the course of your lifetime if you lived to be about age 7576.
You don't think you're gonna make the 7576.
Ticket -- Then the next senator healthy life is good keep working more or -- are taking it for another four years to 66 if you believe that -- going to make it to 7576.
And then the next threshold.
-- question we receive all the time is.
Well Troy should I take Social Security at 6768.
I hope people take at seven day after.
Really -- how long.
Well it makes a lot of sense if you're healthy and if you think you're going to live in two.
Roughly past about age seven -- not every year from 66 to seventy years Social Security benefits will increase.
8% per year.
-- businesses trade benefits determined by cola.
No no your initial Social Security benefit is not once you receive the Social Security benefit -- the government provides -- -- -- the Paula.
But they don't always give -- the -- we know the government manipulates a lot of the inflation data a lot of the economic data.
So what they do for the Social Security cost of living adjustments that take out the cost of food and they take out the cost of energy.
The team until the two things that every retiree uses every single day so they exclude those two from the -- from inflation calculation and then.
They give you modest bump in your Social Security one perspective.
But to get back and finish that point.
If you wait until age seventy to take Social Security a -- you will receive more of lifetime income over the period of your retirement.
If you live to be about seventy not and most of violent -- in in in today's day and age the average life expectancy isn't for men and woman.
Beyond -- and so I'm hearing that for a relatively healthy person.
There's probably working close to age seventy or well into their sixties.
-- -- -- And to think that -- -- -- -- maybe not necessarily defer everyone's situation is absolutely different write what you have to do you have to -- -- between do I take Social Security or -- -- take from my savings which one makes the most amount.
And that's where working with retirement specialists really comes in.
To play because they can help you.
Make that decision we ask every.
Retirement experts question -- that -- an answer how much money should people have.
In their savings.
That is the number one question that we receive every single day probably how much money -- -- -- to retire and I.
A million means absolutely nothing you have to flip.
The way you look at it.
How much money much you have a team it's how much income cannot generate from the money that I -- I -- -- in depending on where you place that money.
Is going to result in different levels of income being received if you put the money in and it traditional 6040 equity and bond mix and -- your portfolio retirement.
-- -- so they recommend you take no more than 3% per year as an income withdraw from your portfolio.
So if you have that million dollars and you keep -- at risk and stocks and bonds.
Most advisors are telling you to take 30000 dollars a year -- I don't know about you -- but I could not live on 30000 dollars a year and I don't spend a lot of money.
-- I'm so you have to understand that there are better options out there and it has to do with understanding.
Some of the newest and most recent innovations in the in the.
An excellent -- I have to say you are I would say in the top retirement advising -- on the show to thank you so much where you based.
Oh rout of Houston Texas alone and they love you -- is that unless the weather is a little -- A little bit silly for us it started yesterday really nice -- yesterday telling tickled -- victory sharply have you had set up on the screen a -- this financial group.
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