With inflation weighing on household budgets and the performance of the stock and bond markets so far in 2022 putting a lot of red ink on the accounts, retirees are no doubt more concerned about their long-term retirement prospects. The thinking might go something like this: Cash needs driven up by inflation could lead to larger-than-planned withdrawals from retirement accounts, making it more difficult for these accounts to recover from the market downturn.
How can a retiree fill the gap? Retirees who have yet to claim their retirement benefits can look here for additional income, assuming they reach age 62 or otherwise qualify. While enlisting Social Security may feel good in the short term, it’s wise to reevaluate your Social Security claims strategy in the context of your long-term plan to make sure that an irrevocable short-term decision doesn’t lead to sacrifices. the route.
