Life is about the choices we create, the decisions we make and the coaching we receive. Ryan Lochte, the 12-time Olympic medalist, chose to be a swimmer; trained hard. but made some decisions that cost him dearly. Speedo, Polo Ralph Lauren and others have announced that they will cut ties with him.
Simone Biles, the brilliant gymnast who was too young to qualify for the 2012 Olympics, chose to continue her work and has dominated that sport since. Her decisions have produced 14 world championships and, most recently during the Olympics, she won four gold and one bronze medal. She also made a decision to serve as the U.S. flag bearer during the closing ceremony. With decision making like this, most would agree that her future is bright.
Retirement is also about the choices we create and the decisions we make. Surprisingly, only 27 percent of U.S. households have chosen to participate in an Individual Retirement Account (IRA) and an employer-sponsored retirement plan. Five percent of households have only an IRA. Consequently, choices at retirement seem to be limited to Social Security for millions of households. But when and what decisions should you make at that time?
These decisions are complicated and must be answered considering age, work history, current work status and life expectancy.
According to a recent report from The Spectrum Group, for couples approaching the age when social security benefits can first be accepted (which is 62), there are 8,000 permutations of the decision whether neither, one or both spouses should start taking benefits immediately or should wait for a more opportunistic time.