2023 EP0729 | Financial Updates | 3 Ways Raising the Retirement Age Could Derail Your Financial Plan (and what to do about it!)

The Social Security fund is set to run out of money by 2033. One measure that could help keep the program afloat would be to raise the retirement age, possibly to 70 years old! In this video, Peter with Richon Planning and Erin Kennedy break down the 3 ways this could affect your financial plan:

1. An early retirement could be even more costly
2. 2. You may have to work longer than you're able
3. 3. You may run out of savings

And remember, claiming social security early will become even more costly! For example, if your full retirement age is 67, claiming Social Security at age 62 will result in a permanent 30% reduction in benefits. If the full retirement age were pushed to 70, claiming benefits at age 62 would lead to a permanent reduction that surpasses the current 30% mark!

Designing a holistic financial plan that accounts for all these variables is something we specialize in at Richon Planning. If we do see the full retirement age pushed back, we can help you determine how long you'll need to keep working, or whether you can retire early. To talk through your unique financial goals and to find out whether you're on track, please reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com

#socialsecurity #wealthmanagement #financialplanning