Delaying Retirement? Here’s What to Consider

Retirement is a milestone that many of us look forward to, but with the future uncertain, some people are considering delaying this major life change. John Labunski, a retirement specialist and financial advisor, explains why it's important to consider all aspects of your current situation before making any decisions.

"When you decide you want to delay retirement, what's important is that you have an understanding about what the impact will be for the long-term," says Labunski. He believes that individuals should take into account their financial health and job security when deciding whether or not they should put off their retirement date. "Having a stable source of income and evaluating your long-term savings goals can help get an idea of where you stand financially.

Retirement Savings in the New Year

 As John Labunski looks ahead to the New Year of 2023, he is focusing on ways to bolster his retirement savings. With over two decades of experience in the financial industry working as a Certified Financial Planner, he knows just how critical it is to plan for his financial future.

John Labunski advises individuals looking to save for retirement that they need to start putting money away now. He encourages those with 401(k) plans at work to take advantage of them and maximize contributions each year, if possible. Additionally, he recommends investing in individual retirement accounts such as Roth IRAs or traditional IRAs so that individuals have access to tax-advantaged savings and investments.

Savings Statistics to Help Motivate You to Save

 Saving for retirement is an important part of financial planning, and understanding the impact of saving can help you stay motivated. John Labunski, a financial analyst with years of experience in the industry, has compiled a set of statistics to motivate individuals to save.

John Labunski research emphasizes that starting early and saving regularly can have a major impact on retirement savings. According to his data, those who begin making regular contributions at age 25 could accumulate over $1 million by age 65 if they contribute 10 percent of their annual salary each year into their retirement account. Meanwhile, someone who waits until 45 to start contributing will have accumulated only around $250,000 by age 65 even if they contribute 15 percent annually.

Understanding these numbers can help motivate individuals to begin saving for retirement as soon as possible and take advantage of compounding interest on their investments.

Ways to Plan Your Legacy In Retirement

 Retirement is a great time in a person’s life to plan and create their legacy. John Labunski, an expert in retirement planning, has outlined the most important steps that one should take when planning for their legacy. He suggests that you first focus on your financial future and make sure that you have all of your finances taken care of before making any other plans. Secondly, he recommends deciding how much money you want to leave behind as well as what kind of legacy you want to leave behind. Finally, he says it’s important to consider talking with professionals who can help ensure that your legacy will be carried out according to your wishes. By properly planning for retirement and taking these steps before leaving the workforce, individuals can rest assured knowing they are leaving something meaningful behind for their loved ones after they pass away.

Retirement can be a time of reflection and planning for the future, and John Labunski has some advice on how to plan your legacy.

Labunski suggests that individuals in retirement focus on making sure their wealth is distributed efficiently and according to their wishes. This can be done through estate planning, which involves properly managing taxes, appointing executors, and writing wills. Additionally, he recommends setting up trust funds or charitable foundations if you want assets to go towards a specific cause after your death.

John Labunski also notes that it’s just as important to consider non-financial considerations when creating a legacy. He encourages retirees to reflect on what values they want remembered by future generations, whether it’s family unity or dedication to education.

Financial Strategies for the New Year

 As the new year begins, many people are looking for ways to improve their financial future. John Labunski, a personal finance expert and certified financial planner, has some tips on how to kickstart your savings plan.

Labunski suggests beginning by assessing where you currently stand financially. He recommends taking stock of your income, expenses and debt and setting up a budget that reflects your goals. “You can’t get anywhere without first knowing where you are today” he says. He also suggests starting an emergency fund in case of unexpected costs and contributing to retirement accounts such as 401K or IRA plans when possible.

Next on his list is automating saving so that contributions are made each month regardless of what other expenses arise during the month. John Labunski states these small steps will help build good habits for long-term success with finances.

Holiday Season Deplete Your Savings

 The holiday season is a period of joy and celebration, but it can be a time of financial stress if you’re not careful. John Labunski, a certified financial planner, warns that spending too much during the holidays can deplete your savings and leave you with a debt hangover in the new year.

John Labunski recommends developing and sticking to a budget for your holiday shopping. Creating an itemized list of everything you need to buy will help you keep track of how much money you’re spending. Consider using cash or debit cards instead of credit cards to prevent going into debt during the holidays. If possible, try to pay off any lingering debts before starting your holiday shopping so that your finances don’t become overextended. Additionally, Labunski suggests setting aside some funds for post-holiday expenses like taxes or repair costs.

Social Security’s 2023 COLA Increase:

The Social Security Administration (SSA) recently announced that recipients of social security will receive a Cost-of-Living Adjustment (COLA) for 2023. According to SSA Chief Actuary John Labunski, the COLA increase is estimated to be around 1.3 percent, which would amount to an average monthly benefit increase of approximately $20 per month for retired workers.

This year's COLA increase is one of the lowest in recent years and is attributed to the slowing growth rate of consumer prices due to the pandemic. John Labunski noted, however, that despite this small adjustment for 2023, there are still about 6 million people who have seen their benefits grow by more than 22 percent since 2018 due to annual adjustments and special provisions across various categories like disabled workers and widow/widowers with children.