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  • Retiree wants to bridge the gap between pensions and current income
  • Currently earning $200,000 per year, but will have $113,000 per year from pensions and Social Security
  • Considering pulling Social Security early to bridge the gap
  • Looking for a financial adviser to help with retirement planning

A retiree at 60 years old is planning to retire in 2026 and wants to bridge the gap between their current income of $200,000 per year and the $113,000 per year they will have from pensions and Social Security. They are considering pulling Social Security early to help bridge the gap. However, experts generally recommend waiting until full retirement age or even later to start Social Security. There are also other factors to consider, such as government pension offset and comprehensive planning questions. It is important to evaluate personal factors, such as inflation-adjusted pensions, tax bracket, spouse’s reliance on income, other invested assets, health, and legacy goals. Spousal or beneficiary protection should also be taken into account. Additionally, a Monte Carlo analysis can help determine the likelihood of running out of money in retirement. When it comes to pension lump sum distributions, a direct rollover into an individual retirement account (IRA) is recommended. To navigate these decisions, it is advisable to work with a certified financial planner (CFP) who specializes in retirement income. A fee-only financial planner is best equipped to provide personalized advice without conflicts of interest. Delaying Social Security past full retirement age can result in increased benefits. Websites like the National Association of Personal Financial Advisors (NAPFA) or XY Planning Network are good resources for finding a suitable planner.

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Key People: Grace Yung (Certified Financial Planner (CFP) at Midtown Financial Group), Marguerita Cheng (Certified Financial Planner (CFP) at Blue Ocean Global Wealth), Andrea Clark (Certified Financial Planner (CFP) at The Table Financial Planning), Ryan Townsley (Certified Financial Planner (CFP) at Town Capital), AJ Vignola (Certified Financial Planner (CFP) at King Financial Network), Jim Hemphill (Certified Financial Planner (CFP) at TGS Financial Advisors), Alison James (Certified Financial Planner (CFP) at WorthWise Financial Partners)

Factuality Level: 7
Justification: The article provides information from multiple financial advisers and experts, offering different perspectives on the question of when to start Social Security. It also addresses other factors to consider in retirement planning, such as government pension offset and spousal benefits. The article includes advice on finding a financial adviser and provides information on different certifications and designations to look for. Overall, the article provides a range of information and perspectives, but it could benefit from more specific details and examples to support the advice given.

Noise Level: 6
Justification: The article provides some useful information and advice on Social Security and pension planning for retirement. However, it also includes some irrelevant information about finding a financial adviser and does not provide a comprehensive analysis of the reader’s specific situation. The article could benefit from more data and examples to support its claims.

Financial Relevance: Yes
Financial Markets Impacted: No

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: This news article pertains to financial topics as it discusses retirement planning, Social Security, pensions, and the need for a financial adviser. However, it does not mention any extreme events or their impacts.

Reported publicly: www.marketwatch.com