Many Americans rely primarily on Social Security in retirement, and even if you don’t, you still want to know when the right time is for you to claim Social Security. Although you will most likely not be able to maintain your current lifestyle on a Social Security benefit alone, it can make up a significant portion of your income and is guaranteed for as long as you live. As such, Social Security is a crucial part of your retirement plan. However, it’s not uncommon for people to claim Social Security at suboptimal times or to run into unexpected complexities concerning how their Social Security benefits work.

Retirement income covers items for what you need such as food, shelter, healthcare, and transportation in retirement. It also funds activities and things that you want in retirement such as a vacation home, country club membership, and to travel. The challenge with retirement income is that it isn’t a “set it and forget it” scenario. It faces a variety of risks that change over the years and require monitoring and adjustment along the way.

This event marks your upbringing and identity as an American in a significant way. Now you’re nearing your 60th birthday, which doesn’t seem as significant a milestone as the moon landing or important birthdays like 16, but that’s where you’re wrong! Turning 59 ½ is almost as exciting as when you turned 16 and could drive, because at 59 ½ you may be able to withdraw from your retirement accounts without possibly incurring a penalty.

After the many changes to the financial landscape that came over the last few years, filing your taxes this year could be complicated. Maybe you stopped working, realized investment losses, created an estate plan, or went from itemizing to claiming the standard deduction or vice versa. There are many factors that can impact how your tax level may change and if you need to rethink your tax strategy.

We all know that a 401(k) is one of the most important retirement planning tools we have. You pay into it for decades and will likely need to rely on it, among other income sources, for decades in retirement. The potential tax benefits and power of compound interest can make it a great saving and investment tool for anyone who practices financial discipline and contributes regularly. There are several important things to know about your 401(k), such as how much you can contribute, options for your 401(k) when you leave your job, and how much you are paying in 401(k) fees.