For nearly your entire adult life, you’ve focused on accumulating assets for retirement. When you stop working, though, your focus will likely turn to how you should generate income from those assets. It’s not a simple task. There are a number of factors and variables that may play into the decision.
If retirement is quickly approaching, you may have a number of big decisions on your hands. Do you work part-time in retirement or sit back and enjoy your free time? Do you stay in your home or downsize? Is now the time to finally take those vacations you’ve been putting off?
One of the biggest decisions you’ll make is when to start Social Security benefits. It’s such an important decision because it has permanent ramifications. Once you start your benefits, there’s no going back to change them.