Deciding when to retire or whether or not to accept a Voluntary Retirement Package can be a daunting task. The decisions you make now will have consequences that last for decades. Ask yourself:
If these answers seem out of reach, you’re not alone. Anchor Investment Management has been helping families answer these questions for decades. Unlike stockbrokers, we do so with a Fiduciary Duty to put our clients’ interests first.
As a Registered Investment Advisor, we are legally bound by the U.S. Securities and Exchange Commission to put our clients’ interests above our own. That means you never have to worry if you are being “sold” a product, we only provide unbiased advice and counsel for your benefit.
Provide a comprehensive Financial Plan that allows you to envision what your retirement will look like
Help you decide about your social security, pension, and retirement assets
Manage the long term investment strategy for your assets to provide suitable income throughout your retirement
Identify any gaps in your plan that could be filled with either life, health, disability, and long term care insurance
Recommend additional attorneys and counselors to help with Wills, Living Wills, Healthcare Power of Attorney, and any other needed documents
Act as a long-term partner to help with your most important decisions in the future
It depends on your lifestyle, family situation, health and monthly expenses. A general rule of thumb is: 35 years old – 1 year’s salary, 45 years old – 3 years’ salary, 55 years old – 5 years’ salary and 65 years old – 8 years’ salary.
The earliest is at age 62, but it will be reduced benefit and there will be a $1 reduction for every $2 you earn over a certain amount. If you are still working full-time then it will probably be to your advantage to wait until your full retirement age (FRA). For anyone born in 1960 or later, their FRA is age 67. There is no reduction in benefits or offset for earned income at your FRA. We can help you figure out if age 62, your FRA or age 70 is to your advantage.
You are eligible for Medicare at age 65, but if you are still working full-time and covered under a group medical plan then you can wait until you quit or retire. There are several parts to Medicare and Medicare supplements to fill in the gaps. We can help you with Medicare questions and guidance in selecting the best supplement.
We have some very good tools to help us with future cash flow projections to monitor income and expenses. We cannot guarantee future performance or that you won’t run out of money, but by meeting on a regular basis, we can make adjustments if needed to avoid any unpleasant surprises.
The sooner the better. You should definitely meet with an advisor if you are planning to retire in the next 5 years. Advanced planning now can save you a lot of time and money in the future.