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I’ve Been on Social Security for 2 Years — Here’s How My Finances Have Changed

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Transition In retirement It is one of the biggest life attacks, especially when it comes to your money. Stay away from working full time and instead focus on family, travel, or interests-all, making sure that you have financial resources to do so-is an accurate balance.

Be aware: 8 The common mistakes made by retirees with their social security checks

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Of course, social security can help compensate for some lost income from not working full time. However, it is usually part of the budgets of most retirees along with a mixture of 401 (K) sSavings and pensions and more.

Gobankingches has spoken with a retired in Washington, DC, about how their financial resources have changed in the past two years Because they receive the advantages of social security.

The retired in the capital said: “Like your salary when you work, the money goes to all your usual expenses: food, mortgage, electricity, etc..” “You are trying to stay within the limits of your capabilities, and back down to savings when you cannot. For example, you took the money from savings to pay the last bathroom formation.”

This retired and his wife decided to continue living in the capital area so that retirement was near their daughter, her husband and their grandson. The older son of the couple Live in Brooklyn, New YorkIt is more expensive than the capital

If their children and grandchildren would not on the eastern coast, the retired in the capital and his wife will search for a cheaper place to live.

“We still have to decrease in 401 (K). We still have other savings that we use, and we are not old after we take mandatory payments,” the retired retired in the capital, who is 70 years old, explained, nor his wife.

Read the following: The full life of social security has risen this month – why it may continue to rise

The couple said that they were “lucky to link him with a financial specialist in the late 1990s when I was working in San Diego, and we started getting more to get rid of it. I decided that I had no time, knowledge or tendency to manage my own money.”

“I am happy that we entered 401 (K) [plans] Early and I was religious in the contribution, “Follow the retired in the capital.” In the 1980s, when I worked in Hurst in Pittsburg, they came 401 (K) and stopped financing our pensions. She went to some preliminary seminars, and realized that she was irrational. What is the other investment that guarantees a 50 % return? “

The retired is keen on the capital to work for as long as possible and increase all his contributions in 401 (K) because it is allowed for the individual to contribute more as soon as the age of 50 exceeded the “contribution to catch up with the knees”.

This helps the DC retirement not only rely on social security to cover their expenses.

“I think the professional has done a good job for us,” said retired retired about his wife’s financial plan. “But on 20/20 it is too late, I wonder if we would also be out with the index boxes.

“I now understand that in the long run, stocks provide the best return to your investment. You just have to match the total returns to the stock market and leave them. Trying to” overcome the market “is generally a foolish task.”

The retired in the capital concluded that social security helped compensate for the cost of the living expenses he and his wife face for daily elements and services, while their other financial sources help financing “greater things”, such as holidays or reforms in their home.

All together, they can live comfortably, thanks to their early planning for retirement and not banking that social security will be their only financial strategy in their post -work life.

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This article was originally appeared on Gobankingheshes.com: I was on social security for two years – here is how my money changed

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