INFORMATION AND TOOLS TO HELP YOU BUILD YOUR FINANCIAL FUTURE
In the Know
Claiming Social Security benefits early (at age 62) typically results in a 30% reduction in lifetime benefits versus waiting until your full retirement age (age 67 for workers born in 1960 or later). Fortunately, a “do-over” option is available. If you claimed early and now have the financial resources to reconsider, you can potentially boost your benefit by up to 24% by suspending your Social Security payments for 1 to 3 years after you reach your full retirement age. For more information, check out this article from AARP or visit www.aarp.org/socialsecurity/faq/suspend-then-restart/.
Inquiring Minds
Q: How often should I review my credit history?
A: It’s a good idea to review your credit history at least once a year. Regular reviews can help you spot errors, identify signs of identity theft and ensure that your credit accounts are being reported accurately. However, if you’re actively working to improve your credit score, planning to apply for a mortgage, auto loan or credit card, or have been the victim of fraud in the past, reviewing your credit reports every few months may be worthwhile. Federal law allows consumers to access free credit reports from each of the three major credit bureaus (Experian, TransUnion and Equifax), which are available at annualcreditreport.com.
To-Do List
Regarding your workplace retirement account, your recordkeeper likely prompts you to change your password every quarter. But is it as strong as it should be? Check out the U.S. Cybersecurity & Infrastructure Security Agency (cisa.gov) for tips on choosing a strong password.
Financial Fitness
Major life events — such as changing jobs, getting married, having a baby, approaching retirement or simply experiencing market volatility — can change how much investment risk you’re comfortable taking. Reviewing your risk tolerance every year helps ensure your investment mix still matches your goals, time horizon and comfort level, giving you greater confidence to stay on track through changing markets. Your plan recordkeeper most likely provides an online investment risk tolerance quiz that you can easily access. Plan to revisit the quiz on an annual basis, perhaps on your birthday or at the end of each year.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
HUB Retirement and Private Wealth employees are affiliated with and offer Securities and Advisory services through various Broker Dealers and Registered Investment Advisers, some of whom may or may not be affiliated with HUB International. HUB International owns the following Registered Investment Advisers: HUB Investment Partners; Global Retirement Partners, LLC; and RPA Financial. Additional information for each individual HUB International Registered Investment Advisor may be found in the respective Form ADV available on the SEC’s IAPD website at https://adviserinfo.sec.gov. Insurance services are offered through HUB International.
