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Money Moves in Retirement: Social Security & Retir ...
Money Moves in Retirement: Social Security & Retir ...
Money Moves in Retirement: Social Security & Retirement Accounts
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Video Summary
In this video, Janae Wheeler, host of AARP, provides general guidance for retirees on managing finances. For those relying solely on Social Security, they should closely monitor their budget, ensure they have enough money for expenses and unexpected costs, consider additional income sources like part-time jobs or roommates, and explore government benefits such as SNAP and energy assistance. For retirees with Social Security and other retirement savings, it's important to determine which funds to tap into first and to consider converting traditional savings into a Roth for tax advantages. Retirees delaying Social Security should pay down debts and plan for fulfilling activities. Withdrawal planning should follow the 4% rule, ensure fixed expenses are covered, maintain a safety net of six to 12 months' worth of money in safe assets, and consider taxes. AARP provides online calculators and resources for further information.
Keywords
retirees
managing finances
Social Security
budget
additional income sources
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