Social Security planning is one of the most important elements in any retirement plan, but getting the most from your Social Security benefit can also feel complex and frustrating. In our guide, “Optimizing Your Social Security in Today’s World,” you’ll uncover practical tips and easy-to-understand steps to get the most out of your Social Security benefits.

In 2023, we saw a continuation of market turbulence, loosening of labor markets, and lighter inflation due to economic tightening from the Federal Reserve. Compared to a couple of years ago, you may have noticed higher prices on the items you buy every week and may be wondering if we’ll continue to see high inflation. Nobody can predict the future, so if you’re nearing or in retirement, you should aim to protect yourself from the eroding effects of inflation.

There was a time when pensions were the most common of retirement benefit plans. Employees looked forward to what could generally be described as a private version of Social Security offered via an employer. However, those days are gone, and only a small number of the US population have pensions now. If you do receive a pension, there are key decisions you’ll need to make about how to utilize your benefits, so you make the best use of this retirement benefit that only a fraction of the population has access to.

When doing retirement planning, it’s best not to focus on how much money you’ll have in retirement – but how much you’ll get to keep. To find the best options for you, a simple farming analogy comes to mind. If you were a farmer – would you want to be taxed on the harvest, or taxed on the seed?

An IRA is an investment account that you own that typically holds stocks, bonds, mutual funds, ETFs, and more. It is structured and regulated with limitations and tax advantages for using the account to grow a fund that is then used to provide you income in retirement. The Roth IRA is a tax-advantaged retirement account, but some of its tax advantages are structured differently than the Traditional IRA.