CAI-NJ August 2021

RETIREMENT ROAD... from page 44.

appreciable asset that eventually can be sold or passed down well into retirement years. 3) Annuities are a great way to put aside money to let grow tax deferred until withdrawn 4) Holding off on taking Social Security: If possible, delay taking social security. Social Security benefits can begin

and utilize. Contribution limits can max out at $58,000, which are also tax deductible and tax deferred. Your 60s The average retirement age in the United States is about 67, so it remains important to continue to save for retire- ment even when you start to reach the homestretch years. Some items to start to consider are: 1) Consider more conservative investments: At retirement age, its best to avoid riskier investments, such as more volatile stocks, and start to focus on more consistent growth stocks or tax-exempt municipal bonds. However, when investing in municipal bonds, you may want to consider investing in bonds related to your state to have fully tax-exempt income for both Federal and State pur- poses. 2) Purchasing Investment Real Estate: Investment real estate is a great opportunity to generate future cash flow into your retirement and create ownership in a potential

“At retirement age, its best to avoid riskier investments...”

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to be taken at age 62, however, it may be advanta- geous to wait as long as possible to start. Currently, waiting until full retirement age will add up to approxi- mately 30% more benefits than if taken at age 62

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