Timothy Sumer

I spend most of my time trying to convince people that now is a good time to retire, and I’ve heard all of the objections before: “I’m nervous about the economy” “I don’t know what I’d do with my time” “I don’t know how much money I need” “What if my children need extra support” “What if I need extra support” I’ll just do one more year… Everyone starts off with similar concerns. But as you sit down and go through the step-by-step process of planning for retirement, you realise that there is little substance to these concerns or that they can be managed. You'll realise that you don’t need more money. You just need a better plan. That process starts here: *Need help planning your retirement?* I am a Chartered Wealth Manager providing financial planning services in the UK. If you want to find out more about working with me and my team, please follow this link: *Step-by-Step retirement planning videos* Video 1 - Video 2 - Video 3 - DISCLAIMER: This chann

See two of my favorite strategies for delaying your Social Security retirement benefit. There are other solutions as well, but we get into the pros and cons (and a brief example) of working longer and spending from your savings. The longer you wait to claim your Social Security benefit, the more you get. Your benefits increase by roughly 8% per year until age 70, but most people can claim as early as age 62. There’s a big difference between how much you get at age 62 and age 70. Unfortunately, it’s not as easy as saying “I’ll just wait.” If you stop working before you take benefits, you’ll need a way to pay expenses before those Social Security payments come in. You can use your 401(k), IRA, or other retirement savings accounts to pay costs. Taxable accounts and other financial resources can also come in handy. But it takes some careful planning to pull this off—you’re going to take significant withdrawals from your savings, so it’s crucial to run some numbers (of course