Retiring too early will likely make you run out of money if you’ve got a conservative portfolio, this economics professor warns.
Laurence Kotlikoff, the provocative Boston University economics professor and Social Security expert, has written an excellent new book, “Money Magic: An Economist’s Secrets to More Money, Less Risk, and a Better Life.” In it, he offers counterintuitive and surprising personal finance tips regardless of your age.I had to smile at some of what Kotlikoff expounds on because they’re often thought, but rarely verbalized.
“Keep thinking about tomorrow,” he writes. “Are you in the best possible career for the rest of your working days? Should you make a switch? Is your current career in danger? In other words, keep your options open by keeping your eyes open. Set a date every few months to do a career review with a spouse, partner, parent, or friend.
We have to look at the financial worst-case scenario, which is the catastrophic scenario. Financially speaking, that’s living to your maximum age because you have to pay for yourself the whole time. Be patient would be another top secret. For every year you delay claiming between your Full Retirement Age [66 to 67 depending on when you were born] and age 70, your Social Security benefits increase by 8%.
Another secret is to not ask the representatives at Social Security any questions whatsoever because half the time they will have the wrong answer or a misleading or incomplete answer. But we can’t count on stocks. Social Security is yielding a positive, real return that is really quite enormous if you wait to take it.
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