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Certified financial planner (CFP) Anthony DeLuca fromRetireGuideoffers his expert insight onmaximizing this hard-earned retirement income.
Its an earned retirement benefit program, DeLuca explained.
Social Security checks are something that should be used and enjoyed, he said.
It gets a bad rap because of concerns about sustainability and perceived inefficiency.
But nonetheless, its still earned money.
So, use it and enjoy it.
Cover Essential Expenses First
The financial experts first recommendation focuses on basic needs.
I would first use your Social Security check to pay off all important expenses, DeLuca said.
Allow this money to stay tax deferred and accumulate wealth at an exponential rate.
Enjoy Lifes Pleasures
DeLuca offers advice that might surprise some coming from a financial professional.
Spend it on hobbies and goals and dreams, he explained.
These improvements can enhance quality of life while potentially increasing home value.
Finally, if you are charitable, you might always donate.
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