Knight Financial Limited

If you're collecting Social Security and still working, here's a mid-year reminder: your earnings could affect your benefits.

Before reaching your full retirement age, Social Security may temporarily withhold a portion of your benefits if your earned income exceeds certain limits. Once you reach full retirement age, those earnings limits no longer apply.

The rules can be confusing, especially if you've started a new job, picked up part-time work, or had changes in income this year.

That's why a mid-year check-in can be worthwhile. Reach out if you'd like to review how your earnings could affect your benefits this year.

Your 70s can be a time to enjoy the retirement you’ve worked toward while keeping a few important details organized. You may be thinking more about how you want to spend your time, where you want to live, how you want to give, and how to keep your financial life running smoothly.

A few areas to review:

• Think through how you would like to be remembered through gifts, bequests, or charitable giving
• Begin taking RMDs from your traditional IRA starting at age 73
• Consider whether downsizing could help reduce housing-related expenses
• Plan for future healthcare costs and review supplemental coverage options
• Update your will, living will, and powers of attorney after major life changes
• Make a list of important bills and documents, and share it with the appropriate person

This stage is about enjoying retirement while making sure your plan continues to support the life you’re living.