On this episode of The Retirement Huddle podcast, Mark Howard shares the types of retirement decisions that can’t be undone and how you can make the right decisions to start with.

When you start Social Security

If you start your benefit at 62, then get to 66 and realize you should have waited. Sorry, it’s too late.

“When to start Social Security, I think, ranks up there in the top 1 or 2 or 3 most important decisions when it comes to retirement,” said Mark.

You need a financial advisor in your corner, helping you make these decisions.

Electing spousal benefits on your pension (or not)

With almost any pension, once you start the monthly income, it’s too late to make changes to spousal/survivor benefit options.

Getting life insurance

Life insurance will get more expensive as you age, but you do have the option of waiting to get it later. Unless you get diagnosed with something that either makes you uninsurable or makes your premiums so high that you can’t afford it—then it’s too late.

Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.

Today’s Rundown:

[1:59] – Social Security

[3:47] – Spousal benefits

[5:48] – Life insurance

[7:02] – Retirement date