Should you retire at the earliest age possible? That depends on each person and his or her situation, goals, and finances, but here are a few ways to get the most bang for your buck when it comes to retirement.
1. Consider delaying your Social Security benefit.
Claiming at your full retirement age (70 years old) will ensure you receive your full monthly benefit. Claiming it sooner may reduce the monthly amount.*
2. Become a landlord.
Consider purchasing a rental property or leasing extra space in your home through publicly hosted sites such as Airbnb.com or VRBO.com. These sites provide the necessary infrastructure for you to market your location, collect payment and have renters only when it is convenient for you.
3. Why retire?
More Americans are continuing to work part time or in a consultant capacity after retiring from their full-time careers or businesses. Many people feel their jobs will keep them active and their minds sharp. Continuing to work, either full- or part-time jobs, may allow you to save more of what you earn until you reach a point where you either can’t or don’t wish to work anymore. If you need help making a decision, feel free to reach out to our Preferred Financial Planner and advisor is Amanda Johnson with Ameriprise Financial. She can be reached at 916.641.7400.
About our Team
The Sherri Patterson Team specializes in residential real estate and relocation, with a combined 75+ years of experience serving the Sacramento, El Dorado, Placer and Yolo counties. We work directly with hospitals, physicians and medical professionals. Whether you're looking to buy, sell or relocate to the Greater Sacramento area, we are the premier real estate team of choice. Our office is located at Keller Williams in Folsom, CA