Will I Still Get Inflation Adjustments If I Wait to File Social Security?
It’s hard to be optimistic when you are in the middle of a storm We can all be optimists on a sunny day, but what do we do when we’re in the middle of a storm? It seems we are in the middle of a storm right now. Market downturns, high-interest rates, and high inflation make it difficult to be optimistic about the economic times ahead. Things could get better, or worse, or they could stay the same for a while. Although there is no way for us to know when the economy will get better, there are things we can do to improve our situation.
Focus on the micro instead of the macro In a storm, it is important to stay calm, step back, and consider what to do next. You may have the impulse to do many things at once to do all that you can to try and survive the situation, but you’ll spread yourself too thin. Instead, it is important to focus on the micro rather than the big picture.
Don’t worry so much about optimizing interest rates and whatnot. Alternatively, identify where you have the agency to make incremental changes so that you can weather whatever the storm may bring. Consider your next baby step to creating the life that you want to live. How will you cover your expenses?
You may come out a bit battered and bruised, but if you make compromises, you’ll be able to use your agency to navigate the storm so that you can rock retirement in any weather.
Will you still get COLA if you wait to file Social Security? Social Security recipients are in for a big raise again next year, so if you are planning to delay taking it, you may be wondering if you’ll eventually get that raise too. Karen is one listener that has that same question.
The answer is yes, for the most part. COLA (cost of living adjustments) are included in your future Social Security payouts. There is only one group of individuals that won’t see a COLA adjustment. Listen in to hear who they are and how COLA works in Social Security.
Don’t forget to register for the upcoming webinar on October 27 and 29 where I will share the retirement plan structure I use with my clients. This simple structure will help you gain confidence in your retirement plan so that you can rock retirement. Register at LiveWithRoger.com.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:21] What to do to weather a storm LISTENER QUESTIONS [9:17] 2 Questions on Social Security and inflation [14:01] The best use of a universal life insurance policy [18:14] Should Bill go with a smaller investment vehicle in retirement? [24:25] Retirement Plan Live case study [26:57] Feedback on how to meet people in retirement TODAY’S SMART SPRINT SEGMENT [34:00] Set a meeting with yourself or your partner to review your plan Resources Mentioned In This Episode Retirement Plan Live case studies
Long-term care series episode 311, 312, 313, 314
Hugh Calc retirement calculator
ValueYourPension.com retirement calculator
Rock Retirement Club
Roger’s YouTube Channel – Roger That
BOOK – Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
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