Issue 10.16
As we start our countdown to retirement or continue our retirement journey, it’s hard not to think about how we could make our retirement years better. Personally, I don’t know what could be better than senior discounts on movies and restaurants, but today I’m going to talk about a different aspect of retirement – the 3-Legged Stool.
The three-legged stool represents your retirement plan and each leg on that stool represents a separate source of income. The first leg on the stool is Social Security, the second is pensions, and the third is your personal savings and investments, more specifically IRAs and similar qualified accounts.
There’s a lot of news and information out there on Social Security right now but we’ve found that too often people are planning for their Social Security benefits without taking the other “legs” of their retirement plan into account. With over 500 options available to you when it comes to filing for Social Security, however, the surest way to get the most out of your benefits is to take all three “legs” into account.
By using strategies in these three aspects, you could potentially receive more from your Social Security and pension benefits and potentially save money from the taxes on your IRA withdrawals over time.
At Eric Scott Financial, we walk you through this and other strategies to help you understand and design the most efficient retirement plan. Using the 3-legged stool and our Five Crossroads planning philosophy, we can analyze your personal situation, help you determine your financial needs, and give you peace of mind in your retirement years.
To schedule a free visit with one of our retirement guides, please call our office at (435)773-9444 today. Let Eric Scott Financial help you make the most of your Social Security benefits.