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This means no IRA, no 401(k) and no investments.
To make things even worse, 61% believe they arent going to have enough money at retirement.
Social Security was created to provide financial backing for Americans as they age.
Unfortunately, it was never designed to be an individuals sole source of income.
Instead, it was meant to supplement savings and provide a comfortable living.
I found out that Patrick did four major things thatmade it all possible.
However, owning your home and paying off your mortgage before you retire can significantly reduce your post-retirement expenses.
My wife and I have lived in our current home for almost 40 years, Patrick said.
This was probably the best decision we made.
For some people, this is the equivalent of a housing payment.
There were weeks where one of our cars sat in the garage without being touched.
That led us to consider whether we could share a single car.
Patrick went on to talk about how the decision was pretty simple to make.
He had an older truck without significant miles, and his wife had a newer car.
However, your benefits will be reduced if you choose to collect at 62.
You wont receive 100% of your benefits until you reach your full retirement age.
Below are the full retirement ages based on the year you were born.
He explained that if I waited a few more years, my benefits would be significantly more.
Patrick made a wise move by waiting until he was 67.
His benefits increased by 8% each year.
Had he waited until he was 70 to retire, his benefits would have increased even more.
Some months, this means we have to give up certain things we enjoy.
Most financial advisorswill tell you that you oughta have ample savings before you’re free to retire.
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