14 Jan 2021 | If you want to retire in five years, you need to know this now

It's never too late to start saving

A "It's never too late to retire early" You're at risk of making this Social Security mistake this year Image Source: Motley Fool Many seniors opt to sign up for Social Security at age 62. However, if you want the full monthly benefit you're entitled to based on your personal earnings history, you will need to wait until your full retirement age to file. This year, many seniors are at risk of signing up for Social Security at the wrong time.  Full retirement age isn't universal. It differs based on the year a given applicant was born. For those born in 1955, the full retirement age has increased two months, compared to those born before that year. If you are turning 66 this year, you may want to file for benefits immediately. However, you're not entitled to your full benefits until you hit 66 years and two months. Beware of shrinking your payment permanently by signing up too early. This is the stock investing dreams are made of Recommended Link: Picture the perfect stock for a moment. (clicking link will opt you on to liberty through wealth free e-letter. Privacy Policy)   What would it look like? No doubt it would have hundreds of billions in revenue - more than tech giants like IBM, Facebook and Google.   It would probably be a leader in cutting-edge technology like smartphones, robotics, e-commerce and medical equipment.   It would have tens of thousands of unbreakable patents. It would pay an enormous dividend.   It would be on the verge of dozens of blockbuster announcements that would send the stock higher and higher.   And most of all...    It would trade ultra-cheap - less than $3.   It seems crazy that such a stock exists.   But it does. Headlines you shouldn't miss   How to build a $1 million IRA with realistic savings   Saving $1 million is totally doable. Success does not depend on unrealistic assumptions.   If you want to retire in five years, you need to know this now   If you hope to retire in the next five years, now's a good time to do a realistic retirement-needs analysis.   Three things to know if you're considering retirement this year   Many Americans will need to re-think their retirement planning due to the pandemic.   Beware of retirement costs that could bust your budget   Be careful - some of your senior living costs may come in much higher than you'd ever anticipate.   How much the experts say you should have saved to retire at 67   Two retirement experts weigh in on what to do if you're nearing retirement and haven't saved enough.   Here's how to ensure you retire a multi-millionaire   What if you aimed to retire a multi-millionaire? For many people, that goal may be out of reach. However some many others, it's surprisingly possible. It's never too late to start saving,   Gordon Fox     P.S.   Know someone who'd love the Late Investor? Be sure to send them to this link so they can get signed up: investinglate.com   The Late Investor, 20 N. Orange Avenue, 32801, Orlando, United States You can unsubscribe here any time.