Hello, I did something bad. A couple of weekends ago I succumbed and bought a cargo trailer. That weekend we hauled off so much stuff my hands had blisters on them. It’s amazing the amount of stuff you can collect. Then last weekend it was hauling more stuff off. Next weekend looks like we may pick up some mulch. When I didn’t have a trailer, I had an out for all the honey do chores. Now they’ll never end! I have to make a mental note to never buy a truck…Amelia pictured below on the infamous trailer.

A common occurrence is one spouse is itching to retire but the other one plans to work for a few more years. Of course, there are other factors that play into the decision as well. According to the Wall Street Journal, “The timing of retirement is often out of a couple’s hands. Nearly one-third of retirees surveyed left the workforce unexpectedly due to layoffs and early retirement packages. Health is also a factor.” The best Mother's Day picture we could manage.

One spouse can suddenly change the home life dynamics. This can change up who does the chores and shopping and who has more time for hobbies and visiting with family. “Women, who often leave work to care for older parents or in-laws, retire at younger ages, averaging 62 compared with 65 for men, according to the Center for Retirement Research. A younger spouse may continue working to keep family health insurance until Medicare kicks in, or to delay having to tap retirement savings. They may want to hold off collecting Social Security to get higher payments.” The Federal Reserve Bank of New York’s data showed the number of workers expecting to work beyond age 62 has plummeted. The number of respondents to the survey who expect to work beyond 62 fell to 45.8% in March, down from 55.4% four years ago. And just 31.2% of workers expect to work beyond 67 years old, down from 36.2% four years ago. The reasons for these changes are unclear. Amelia's school had a Mother's Day presentation this week.

Whatever the case is, there are simple steps you can take now to begin to determine if retiring now or later benefits you. Let’s take a look at the first step. Once our paychecks from work discontinue, we have less room to not have our budget needs figured out. Our biggest wealth generator isn’t the returns on investment we make, it’s how much money we earn from our labor. When we are making money we can have more leeway with our budget, but once we are depending on our retirement savings and Social Security it’s a good idea to have a command of your budget need. Ansley below.

When we understand our cash flow situation, we can begin working the math problem of what Social Security will provide, then we can look at what kind of income your portfolio may sustainably generate. Not to throw a wet blanket on our conversation here, but considering our life expectancy can be a helpful exercise too. If for some reason we may have a shorter life expectancy than average we may be able to be more liberal in our retirement spending than if we reasonably expect to live to age one hundred. We should be much more conservative in the latter scenario to ensure our funds last as long as possible. After we figure out our budget need and we figure out our Social Security claiming strategy, the next step is to allocate our funds for goals and objectives. Whenever you’re ready to dive in to get the particulars of your situation figured out, just let us know. We’ll be here for you. Until next week, David C. Treece, Financial Planner 864.641.7955

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Clients Excel, LLC is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through Creative One Wealth. Creative One Wealth and Clients Excel, LLC are not affiliated companies. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified tax professional for guidance before making any purchasing decisions. Clients Excel, LLC is not affiliated with or endorsed by the U.S. Government or any governmental agency. Clients Excel, LLC has a strategic partnership with tax professionals and attorneys who can provide tax and/or legal advice. Published on 05.15.2024.