When to claim social security is a very personal choice, so it’s important to consider not only your monthly retirement benefit, but also your overall financial picture. There is no “one size fits all” solution to claiming Social Security benefits. As with other matters surrounding your retirement, it’s critical to know your options and test various scenarios before making any major decisions.
The July 2020 edition of Fairman Perspectives highlights several topics related to the current market surrounding COVID-19. Topics include speculative investments, performance benchmarks, retiree confidence, and other topics related to investing. Learn more!
In January, 69% of workers expressed confidence in their ability to live comfortably during retirement, compared with 67% in 2019. In late March, the percentage dropped slightly to 63%. A closer look reveals vastly different perceptions about future retirement success among those who either had experienced or expected a negative change in their employment status.
The CARES Act offers some unique retirement planning opportunities relative to RMDs. If you do not need to make a withdrawal to fund cash flow this year, you can avoid an extra tax liability by not taking a distribution—or avoid selling retirement account assets that may be down. And, if you have already taken a distribution in 2020, there may still be time to unwind the transaction.
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