PR in the Philippines

Pocono Pines, Pennsylvania Mar 2, 2025 – Retirement marks a major life transition, but without careful preparation, it can lead to financial worries and instability. Josiah Grauso, Vice President of ASC Financial Group, is calling attention to the crucial steps individuals should take in the years leading up to retirement to secure their long-term financial well-being.

“Too many individuals enter retirement without a solid strategy, which often triggers financial concerns,” Grauso states. “Retirement should be a period of enjoyment, not a time filled with anxieties about outliving your savings.”

The Increasing Importance of Retirement Preparedness

The necessity for retirement planning is more pressing than ever. A 2023 report by the Transamerica Center for Retirement Studies revealed that 42% of Americans feel unprepared financially for retirement. Furthermore, a 2022 Federal Reserve survey indicated that one in four adults have no retirement savings whatsoever.

Grauso emphasizes that financial security in retirement is not accidental but results from deliberate planning. He advises individuals within five years of retirement to take the following essential actions:

• Evaluate their financial status by listing all income sources, savings, and anticipated expenses.
• Create an income plan that considers both longevity and unexpected expenses.
• Maximize Social Security benefits by identifying the optimal time to begin receiving them.
• Prepare for healthcare costs, including Medicare coverage and potential long-term care requirements.
• Establish an emergency fund to avoid dipping into retirement funds for unforeseen expenses.

“The earlier you implement these measures, the smoother your transition into retirement will be,” he adds.

The Social Security Consideration: Timing is Crucial

One of the most common errors Grauso observes is individuals claiming Social Security benefits prematurely, without fully understanding the long-term consequences. Although benefits can be claimed as early as age 62, waiting until full retirement age (66-67) or even age 70 can increase lifetime benefits by up to 24%.

“Many retirees miss out on significant amounts of money by claiming benefits too early,” Grauso cautions. “If you don’t require Social Security immediately, delaying your claim could lead to a more financially secure retirement.”

Income Diversification: The Foundation of Stability

In addition to Social Security, Grauso highlights the importance of diversifying income sources to avoid excessive reliance on a single source of funds.

“Depending solely on a pension or a 401(k) is insufficient,” he states. “You need a combination of investments, savings, and guaranteed income streams to ensure stability.”

He suggests that retirees consider options such as annuities, rental income, dividend-paying investments, and even part-time employment if necessary.

The Healthcare Factor: An Often Overlooked Retirement Expense

Many retirees underestimate their healthcare expenses. A 2023 Fidelity study estimates that the average 65-year-old couple will need $315,000 to cover healthcare costs throughout retirement.

“While Medicare is beneficial, it doesn’t cover all expenses,” Grauso clarifies. “You need a strategy for managing out-of-pocket costs like prescriptions, dental care, and long-term care.”

He advises retirees to explore Health Savings Accounts (HSAs) and long-term care insurance to help offset these expenses.

Raising Awareness Through Financial Education

Grauso is not only advising clients but also dedicated to educating the public. He frequently conducts retirement planning workshops that cover Social Security strategies, risk management, and wealth preservation.

“My goal extends beyond managing people’s money,” he says. “I aim to equip them with the knowledge necessary to make informed financial decisions independently.”

His workshops and community outreach initiatives offer free, practical financial education to individuals nearing retirement.

Plan Today for a Worry-Free Tomorrow

Grauso encourages individuals within five years of retirement to take immediate action.

“Retirement doesn’t have to be stressful if you plan effectively,” he says. “The choices you make today will determine your future comfort and security.”

For those seeking personalized retirement planning advice, Grauso recommends scheduling a consultation to develop a customized strategy tailored to their specific goals and needs.

Disclaimer: Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and ASC Financial Group are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.

This content is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives.

Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claimspaying ability of the issuing company and are not offered by Brookstone Capital Management.

ASC Financial Group is not endorsed by or affiliated with the Social Security Administration or any government agency.