The conventional wisdom is clear: Bonds are best for
people in or near retirement. They provide the desired income
and can be much more reliable than stocks. Well... yes and
no, if you ask me.
For some, the ideal retirement may be sitting near the door steps of their house and watching the grandchildren play, for others it might be traveling around the world. Or it may be somewhere between these two extremes.
A million dollars is still a lot of money. And if your house is paid for and your kids are on their own, it's enough for you to retire on and live out your golden years comfortably on the $40,000 or so a year you could pull from it. That -- and the fact that it's a nice round number with a brand new comma in it -- makes $1,000,000 a great target for retirement savings.
Every year, millions of near-retirees have to make a crucial decision: when to start taking their Social Security benefits. Although making the wrong choice can cost you and your family thousands of dollars over your lifetime, don't panic -- thinking through your options will help you figure out the right thing to do.
Your retirement is far more than simply no longer showing up to work. It's about having the freedom to do what you want in life, and enough control over your personal finances to enjoy that freedom.
