Money

Do you plan to live off investments when you retire? How much money can you safely withdraw from your portfolio each year? According to financial expert J. L. Collins, withdrawing 3% or less a year is as close to a safe bet as you can get. Collins’s personal strategy, however, is to withdraw around 5%, but to reduce withdrawals to 4% if the market drops. He says it’s also important to be flexible—if you can reduce your expenses when necessary, find temporary work, or move to a cheaper area, you can add a layer of security regardless of the withdrawal

What is the earliest age you can collect social security? What factors should you take into account when deciding when to receive your social security payouts? Choosing when to start drawing social security is an important decision. You can claim Social Security starting at age 62, but the sooner you start, the smaller your checks will be. The longer you hold off up to age 70, the larger they’ll be, but you’ll have fewer years to collect them. Here is what financial blogger J. L. Collins has to say on drawing your social security.