Although you can begin claiming Social Security as early as 62 years old, your benefit will be reduced unless you wait until your full retirement age (usually age 66-67 depending on when you were born). You can also delay taking Social Security until after your full retirement age to increase your benefit. Planning Social Security around your needed cash flow in retirement to create a consistent income is critical, and one of many things the iNNOVA Wealth Partners team can help you with.
A little known fact is that more people perish coming down Mount Everest than while climbing up. The clients we normally work with have already traversed the mountain of accumulating their wealth and now face the challenges of converting their assets into an income stream through retirement, i.e. their descent down the retirement mountain. This takes a different approach and different skills. A sharp focus on risk management, longevity/income planning, and tax efficiency is required while generating higher returns at any cost becomes less of a priority.
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