Social Security Planning and Management
Most people believe that Social Security income (SSI) isn’t something that requires much thought and planning. You’ll start receiving it after you retire, and that’s that, right? But if you want to better manage your cash flow during retirement, it’s important to put a bit more thought into receiving your Social Security income than that.
For many retirees, beginning to take SSI payments immediately after retirement isn’t always the best choice. You may benefit from drawing on other retirement accounts for a few years first, for example. Knowing the right time to begin taking SSI payments and understanding how it works when you still have other sources of income is essential to maximizing your retirement benefits and ensuring a steady cash flow each month.
Diversifying Your Retirement Income
We can’t stress enough the importance of diversifying your income for your retirement. The more sources of income you have upon retiring, the less dependent you are upon any single source of income. If you rely solely on your retirement accounts, what will you do if those are depleted sooner than you expected? If you rely solely on rental income from your real estate investments, what happens if some of your rentals sit empty for several months?
At Horizon Planning Group, we can help you begin diversifying your investments now, so that when you’re ready to retire, you have multiple income sources you can count on.
Eliminating Debt before You Retire
When you live on a fixed income, debt can weigh even heavier on your shoulders than it usually does. If you’re preparing for retirement, but you still have debts to pay, we can help you to establish debt payoff strategies that will eliminate these burdens before you retire.
Whether retirement is just around the corner or still on the distant horizon, managing your debts effectively now will help you to have a more secure future. Contact Horizon Planning Group today for assistance with debt and cash flow management.