If you’ve ever played the Game of Life board game, it becomes clear that compressed into the colorful path there are various stages of life. Each stage holds its own major financial challenges as well as prospective profits in addition to surprises (new baby!) and forks in the road. In the real world game of life, much is the same, but with sound financial planning th
If you have read any literature on retirement planning or have received advice from a financial professional, chances are you were presented with the 70% rule, the one that suggests that retirees will need between 70 and 80% of their pre-retirement income in order to maintain their standard of living.
Most people are aware that they can begin collecting their Social Security retirement payout at age 62, and, in doing so, they are informed that they will be collecting a reduced benefit. The hard truth is that the longer you wait to collect benefits, you will most likely collect a higher monthly benefit.