The Secret to Retirement Planning

I’m going to tell you the secret to retirement planning. It’s easier than you might imagine, but for those of you who can do it, it will really work, and that is – work longer and wait to collect Social Security, until 70, if you can.

I know that’s not for everybody. Some people have jobs that are just intolerable or too physically demanding or working a little bit extra and a little bit longer might not be an option for you.

For those that can, however, working a little bit extra and a little bit longer than you might want and then waiting to take Social Security will make your retirement much more secure. You’ll have a bigger payout from Social Security, and you’ll have less years that you’ll need to fund your retirement, and it just works better.

Sorry, it’s just simple math. If you need to plan for a 20-year retirement versus a 30-year retirement, the 20-year one is easier. Taking Social Security at 70 instead of 62 when the benefit is almost two-thirds higher, it gives you more money for the rest of your life and that bigger benefit is adjusted for inflation.

So, I know that’s not like some big hot stock tip, but it’s also realistic and something that a lot of people can follow and should. Also for a lot of people, your physical and mental functioning lasts better if you work longer, and that’s a good thing too.

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About the author

Michael J. Garry, CFP®, JD/MBA

Michael Garry is a CERTIFIED FINANCIAL PLANNER™ practitioner and owner of Yardley Wealth Management in Yardley, PA. Michael is a NAPFA-registered Financial Advisor. He is a member of the National Association of Personal Financial Advisors (NAPFA) and the Financial Planning Association (FPA).

Michael recently published his first book: Independent Financial Planning: Your Ultimate Guide to Finding and Choosing the Right Financial Planner

Michael is a frequent expert contributor to financial publications, and has also been quoted in The Wall Street Journal, USA Today, Money Magazine, Kiplinger’s,,, Consumer Reports Money Advisor, Investment News, The Bucks County Courier Times, Financial Advisor, and other periodicals;

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