34:["$","$L35",null,{"category":"$36","relatedArticles":[{"id":"cG9zdDoyNzc1ODU=","databaseId":277585,"postId":277585,"author":{"node":{"id":"dXNlcjoxNDQ=","databaseId":144,"userId":144,"avatar":{"url":"https://secure.gravatar.com/avatar/e1f3d3a0e571088b1ba1f56a767f73d3?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Brandon is a Certified Financial Planner™ (CFP®), Retirement Income Certified Professional (RICP) and Enrolled Agent (EA) with more than 10 years of experience as a financial professional. He runs his own independent financial planning firm called Belonging Wealth Management, where he helps clients plan out their retirement distributions, minimize taxes, build financial plans and more. He also holds a PhD in Finance from Hampton University, and spent years as an Assistant Professor of Finance at both Louisiana College and East Texas Baptist University.\r\n\r\nBrandon's areas of expertise include financial planning, retirement planning, taxes, Social Security, investing, annuities, general personal finance and more. His quotes have appeared in publications like Forbes, U.S. News and World Report, Business Insider and more.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Brandon","fullName":"Brandon Renfro, CFP®, RICP, EA","lastName":"Renfro, CFP®, RICP, EA","name":"Brandon Renfro, CFP®, RICP, EA","postCount":{"pageInfo":{"offsetPagination":{"total":103,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"brenfro","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTQ2OQ==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19469,"categoryId":19469,"link":"https://smartasset.com/ask-an-advisor/articles","name":"Ask an Advisor","postCount":{"pageInfo":{"offsetPagination":{"total":145,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"ask-an-advisor","ancestors":{"nodes":[{"name":"Financial Advisor","slug":"financial-advisor","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Financial Advisor","id":"dGVybTo3OTY5","slug":"financial-advisor","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$37","date":"2025-03-24T08:00:00","excerpt":"

I am 76 and I have been receiving my benefit since age 62—four years before my full retirement age (FRA). My wife is now 61 and will retire at age 65—two years before her FRA. She will begin drawing her teacher retirement from the State of Texas, which is no longer subject to the Government Pension […]

\n","featuredImage":{"id":"cG9zdDoyMDM5MzM=","databaseId":203933,"altText":"Financial advisor and columnist Brandon Renfro","date":"2023-07-11T14:38:39","fileSize":11056,"mimeType":"image/webp","modified":"2023-07-18T11:35:06","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2023/07/Brandon-Renfro-2.webp","__typename":"MediaItem"},"modified":{"datetime":"2025-3-17","readable":"March 17, 2025","readableExtended":"March 17, 2025, 11:51am ET"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMjA=","databaseId":120,"userId":120,"avatar":{"url":"https://secure.gravatar.com/avatar/9be66d92947dd5b190bf90987b5e85f2?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Patrick Villanova is an Editor for SmartAsset, producing comprehensive personal finance content to help consumers make better decisions with their money. His particular areas of focus include retirement, financial planning and investing. Patrick studied English at the University of New Hampshire and currently holds the Certified Educator in Personal Finance (CEPF) designation. \r\n\r\nPrior to joining SmartAsset, Patrick was a senior writer at MagnifyMoney, where he covered investing. His career began in journalism and included 11+ years at The Jersey Journal, where he covered sports and news as an editor. His work has appeared on Yahoo Finance, MSN, NJ.com, and The Star-Ledger. He lives in Portland, Oregon.","additionalMeta":{"expertise":"Retirement Planning, Social Security, Estate Planning, Taxes","__typename":"User_Additionalmeta"},"email":null,"firstName":"Patrick","fullName":"Patrick Villanova, CEPF®","lastName":"Villanova, CEPF®","name":"Patrick Villanova, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":307,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"pvillanova","__typename":"User"},"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/financial-advisor/ask-an-advisor-calculate-full-retirement-benefit","metaDesc":"A person who claims on their spouse’s record can receive, at most, 50% of their spouse’s full retirement age benefit.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":7,"title":"Ask an Advisor: My Wife Will Retire 2 Years Before Her Full Retirement Age (FRA). 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","

– Norman

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The elimination of the Government Pension Offset and Windfall Elimination Provision were a welcome development for teachers in Texas and beyond. Many retirees, such as your wife, are now eligible to receive Social Security benefits according to the same rules that apply to everyone else. Let’s look at how those work and how to calculate your wife’s benefit.

","

If you have similar questions about Social Security, retirement planning or investing, connect with a financial advisor and see how they can help.

","

Social Security Spousal Benefits

","

To set some context for others who may not be in the exact same situation as you, let’s start by reviewing the basics of spousal benefits.

","

Social Security benefits are based in part on your earnings record. Larger lifetime earnings result in larger benefits. Each spouse in a married couple can claim on either their own earnings record or their spouse’s record.

","

A person who claims on their spouse’s record can receive, at most, 50% of their spouse’s primary insurance amount (PIA)—a person’s benefit at FRA. It often makes the most sense for the lower-earning spouse to file on the higher-earning spouse’s record when that difference is significant. This is likely your situation, as I know teachers in Texas don’t typically pay into Social Security. Because the earnings record is based on your “covered” earnings, your wife likely has very little on her earnings record.

","

For a simple example, suppose your FRA benefit is $2,000 per month and your wife’s benefit is $800 per month. By claiming a spousal benefit, she could receive up to $1,000 (half of your $2,000 benefit) per month instead of filing under her own earnings record.

","

(For more help planning around spousal benefits, consider speaking with a financial advisor.)

","

How Filing Early or Delaying Affects Spousal Benefits

","

","

Claiming your benefit before reaching FRA reduces it, while delaying past FRA increases it (until age 70). However, the calculation differs slightly for those claiming spousal benefits.

","

Keep in mind that spousal benefits are not affected by the primary earner’s filing age. The primary earner’s full retirement benefit is always the starting point.

","

Even though you filed at age 62 and received a reduced benefit, your wife’s spousal benefit is based on the benefit you would have received at 66. However, spousal benefits don’t increase if the primary earner waits until after FRA to claim their benefit. For example, if you had delayed your benefit until age 70, your wife’s spousal benefit would still be based on your benefit at age 66 (FRA).

","

Lastly, a spouse cannot claim spousal benefits until the primary earner begins collecting their own benefit. So, if you were delaying your benefit past FRA, your wife would have to wait to collect her spousal benefit.

","

(And if you need additional help navigating the ins and outs of Social Security, find a financial advisor who specializes in retirement planning.)

","

The Lower-Earning Spouse’s Filing Age

","

Although spousal benefits are always based on the higher earner’s PIA, they are reduced if the spouse files early. As with their own retirement benefit, someone can claim a spousal benefit as early as age 62.

","

Spousal benefits are reduced based on how early they are claimed:

","

For the first 36 months before FRA: Reduced by 25/36 of 1% per month (approximately 0.694% per month or 8.33% per year).
For any additional months beyond 36: Reduced by 5/12 of 1% per month (approximately 0.417% per month or 5% per year).

","

That works out to about 0.694% per month, or 8.33% for each year, for the first three years. Beyond that it’s .416% per month, or 5% for each year. This reduction is applied to the full spousal benefit, which is 50% of the primary earner’s FRA benefit.

","

Calculating Your Wife’s Social Security Spousal Benefit

","

So, with that in mind, calculating your wife’s spousal benefit can be fairly simple. To calculate her benefit, determine what your full retirement age benefit (PIA) would have been and apply the relevant reduction.

","

If she waits until her own FRA to begin drawing, her spousal benefit will be 50% of your FRA benefit.
If she claims before her FRA, her benefit will be reduced according to the formula above.

","

For example, let’s say you would have been eligible for a $3,000 monthly Social Security benefit at your FRA. While your wife has minimum “covered” earnings, she now qualifies for a spousal benefit thanks to the repeal of the GPO. If she waits until her own FRA of 67 to claim her spousal benefit, she would receive 50% of your PIA or $1,500 per month.

","

However, if she decides to claim her spousal benefit at age 65—24 months before her FRA—her payment would be reduced by 16.67% (24 months × 0.694% per month). As a result, her spousal benefit would be $1,250 per month.

","

(And if you need more help calculating your Social Security benefits or deciding when to claim them, speak with a financial advisor about your income plan for retirement.)

","

Bottom Line

","

","

With the elimination of the GPO and WEP, many government pension recipients who were previously ineligible for Social Security benefits are now eligible. For workers with little or no covered earnings, this likely means a spousal benefit. If they file at their FRA, they receive 50% of the primary earner’s FRA benefit. That benefit is reduced if they file early.

","

Social Security Planning Tips

","$49","

Brandon Renfro, CFP®, is a SmartAsset financial planning columnist and answers reader questions on personal finance and tax topics. Got a question you’d like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column.

","

Please note that Brandon is not an employee of SmartAsset and is not a participant in SmartAsset AMP. He has been compensated for this article. Some reader-submitted questions are edited for clarity or brevity.

","

Photo credit: ©iStock.com/Courtesy of Brandon Renfro, ©iStock.com/shapecharge, ©iStock.com/zimmytws

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\n","featuredImage":{"id":"cG9zdDoyNzUwMzY=","databaseId":275036,"altText":"A couple reviewing a financial plan to help them reach financial freedom.","date":"2025-01-23T12:26:45","fileSize":211237,"mimeType":"image/jpeg","modified":"2025-01-23T12:27:24","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2025/01/iStock-2059951466-1.jpg","__typename":"MediaItem"},"modified":{"datetime":"2025-1-23","readable":"January 23, 2025","readableExtended":"January 23, 2025, 12:29pm ET"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMTc=","databaseId":117,"userId":117,"avatar":{"url":"https://secure.gravatar.com/avatar/9fffe2eb35204e151b68731435d247c5?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Arturo Conde is a senior editor at SmartAsset. He has a master’s from the Graduate School of Journalism at Columbia University and a bachelor’s from the College of Arts and Science at New York University. 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Financial freedom is a term often mentioned in conversations about personal finance, yet its true meaning varies from person to person. For some, financial freedom is the ability to live without worrying about daily expenses, while for others, it represents the long-term goal of not needing to rely on a steady paycheck. Whatever your definition, achieving financial freedom involves making smart financial decisions, saving consistently and investing strategically. Though financial freedom may feel like a long way off, with the right planning, you may be surprised as to how achievable it can be. A financial advisor can help you and your family get on the path to financial freedom – whatever it means to you.

","

What Does It Mean to Be Financially Free?

","

The meaning of financial freedom varies from person to person, but it generally involves reaching a point where money isn’t a constant source of stress. To some, being financially free means you have the flexibility to make choices that enrich your life, rather than choices driven purely by financial necessity.. Even though there’s some variability in how people think about financial freedom, here are four common themes:

","$57","

How to Set Goals to Attain Your Financial Freedom

","

Financial freedom doesn’t happen overnight. Whether you want to live debt-free, travel the world or own your dream home, you need to set goals to define what financial freedom and success look like to you. Here are four common tips to help you get started:

","$58","

Managing Debt to Become Financially Free

","

","

While debt can serve as a tool to achieve certain financial goals, such as buying a home or financing education, mismanaging it can lead to significant financial stress. Understanding how to handle debt in a way that supports your long-term goals is an essential part of reaching financial freedom. These three common strategies can help you manage debt while working toward financial freedom:

","$59","

Bottom Line

","

","

Financial freedom is the ability to live life on your own terms without stressing out about financial obligations. It may also mean having enough savings, investments or income streams to support your lifestyle without relying on a paycheck. Achieving financial freedom isn’t necessarily easy, but it can offer the peace of mind to focus on personal goals, rather than financial stress. No matter your definition of financial freedom, you’ll need specific goals and a healthy perspective on debt to get there.

","

Financial Planning Tips

","$5a","

Photo credit: ©iStock.com/Jacob Wackerhausen, ©iStock.com/skynesher, ©iStock.com/Hispanolistic

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\n","featuredImage":{"id":"cG9zdDoyNzgwOTY=","databaseId":278096,"altText":"What Is a Deed Restriction and What Is It Used For?","date":"2025-02-21T20:25:38","fileSize":268681,"mimeType":"image/jpeg","modified":"2025-02-21T20:25:46","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2025/02/iStock-935217870.jpg","__typename":"MediaItem"},"modified":{"datetime":"2025-2-21","readable":"February 21, 2025","readableExtended":"February 21, 2025, 8:29pm ET"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMzY=","databaseId":136,"userId":136,"avatar":{"url":"https://secure.gravatar.com/avatar/1d295f71ad5f26fc505155b8d7e5e2a0?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Jeff White is an Editor for SmartAsset. He's an expert in a variety of personal finance topics, such as investing, banking and retirement, and also holds the Certified Educator in Personal Finance (CEPF®) designation. Jeff has received his JD and MBA and has been featured in a number of publications, such as Investopedia, The Street, Forbes, Yahoo! Finance and more. He currently resides in Utah with his wife and five children, where they cheer for the Denver Broncos and make it to the water to sail whenever given the chance.","additionalMeta":{"expertise":"Financial Planning, Small Business, Retirement, Banking","__typename":"User_Additionalmeta"},"email":null,"firstName":"Jeff","fullName":"Jeff White, CEPF®","lastName":"White, CEPF®","name":"Jeff White, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":16,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"jwhite","__typename":"User"},"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":true,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/financial-advisor/what-is-a-deed-restriction","metaDesc":"A deed restriction is a legal stipulation written into the deed of a property that dictates certain conditions or limitations on use. Here's what to know.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":6,"title":"What Is a Deed Restriction and What Is It Used For?","__typename":"PostTypeSEO"},"slug":"what-is-a-deed-restriction","status":"publish","title":"What Is a Deed Restriction and What Is It Used For?","postType":"post","subtitle":null,"uri":"/financial-advisor/what-is-a-deed-restriction","tags":{"nodes":[{"name":"news-sitemap","__typename":"Tag"}],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":null,"editedBy":{"id":"dXNlcjoxMzY=","databaseId":136,"userId":136,"avatar":"$5c","description":"Jeff White is an Editor for SmartAsset. He's an expert in a variety of personal finance topics, such as investing, banking and retirement, and also holds the Certified Educator in Personal Finance (CEPF®) designation. Jeff has received his JD and MBA and has been featured in a number of publications, such as Investopedia, The Street, Forbes, Yahoo! Finance and more. He currently resides in Utah with his wife and five children, where they cheer for the Denver Broncos and make it to the water to sail whenever given the chance.","additionalMeta":"$5d","email":null,"firstName":"Jeff","fullName":"Jeff White, CEPF®","lastName":"White, CEPF®","name":"Jeff White, CEPF®","postCount":"$5e","slug":"jeff-white-cepf","__typename":"User"},"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybTo3OTY5","children":"$61","databaseId":7969,"categoryId":7969,"link":"https://smartasset.com/financial-advisor/articles","name":"Financial Advisor","postCount":815,"slug":"financial-advisor","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

A deed restriction is a legal stipulation written into the deed of a property that dictates certain conditions or limitations on use. These restrictions can range from architectural guidelines to prohibitions on commercial activities, and they are typically put in place by developers, homeowners’ associations or previous property owners to maintain a certain standard or vision for a community. While they can help preserve property values and community aesthetics, they can also limit how a property owner can use their land. Whether you are a prospective homeowner or a seasoned real estate investor, understanding what a deed restriction is for is key to making informed decisions and avoiding potential legal pitfalls.

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Consulting with a financial advisor can provide insights into how these restrictions might affect future financial planning, including resale potential and property value appreciation.

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What Is a Deed Restriction?

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A deed restriction, also known as a restrictive covenant, is a legal stipulation embedded in a property deed that dictates certain conditions or limitations on its use. These restrictions are typically put in place by developers, homeowners’ associations or previous property owners to maintain a certain standard or aesthetic within a community.

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For instance, a deed restriction might prohibit the construction of additional structures on the property, limit the types of materials used in building or even dictate the color of paint that can be used on a home’s exterior.

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Deed restrictions are enforceable by the entity that imposed them, such as a homeowners’ association or a neighborhood committee. These restrictions are often recorded in public records so they are accessible to potential buyers during the property purchasing process.

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It is important to note that deed restrictions can be indefinite or last for a specified period, depending on the terms outlined in the original agreement. Violating a deed restriction can lead to legal action, fines and other penalties, so property owners must be fully aware of any restrictions before purchasing a property.

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While deed restrictions can limit what a homeowner can do with their property, they can also enhance property values by ensuring a consistent and desirable neighborhood aesthetic. By maintaining uniformity and preventing undesirable developments, these restrictions can make a community more attractive to potential buyers. However, they can also deter some buyers who prefer more freedom in how they use their property.

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Types of Deed Restrictions

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Understanding the different types of deed restrictions can help homeowners and potential buyers make informed decisions about property ownership. Here, we explore some common types of deed restrictions and their implications.

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Use restrictions: Use restrictions specify how a property can be utilized, often limiting it to residential, commercial or mixed-use purposes. These restrictions help maintain the intended character of a neighborhood and prevent incompatible developments that could disrupt the community’s harmony.

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Architectural controls: Architectural controls dictate the design and appearance of buildings, including aspects like height, color and materials. These restrictions ensure that new construction and renovations align with the aesthetic standards of the community, preserving its visual appeal and property values.

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Pet restrictions: Pet restrictions limit the types and number of animals that can be kept on a property. These rules are often implemented to minimize noise, prevent damage and ensure the safety and comfort of all residents within a community.

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Landscaping requirements: Landscaping requirements mandate specific standards for maintaining lawns, gardens and other outdoor spaces. These restrictions aim to enhance curb appeal, increase home value and promote environmental sustainability by encouraging the use of native plants and water-efficient practices.

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Rental limitations: Rental limitations restrict the ability to lease or rent a property, often capping the number of rental units or requiring owner occupancy. These restrictions are designed to foster a stable, community-oriented environment by reducing transient populations.

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Understanding these types of deed restrictions can empower property owners and buyers to navigate real estate transactions with confidence. By being aware of these limitations, individuals can ensure that their property use aligns with personal goals and community standards.

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Purchasing a Deed-Restricted House

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When considering the purchase of a deed-restricted home, it is essential to thoroughly review the specific terms outlined in the deed. These terms can vary widely, depending on the community or housing program involved.

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While deed-restricted homes can offer affordability, they also come with certain limitations that buyers need to weigh carefully. These properties are often part of initiatives to provide affordable housing, making them an excellent choice for first-time buyers or those with moderate incomes. However, the restrictions can limit the ability to make significant changes to the property or sell it at market value.

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Prospective buyers should work closely with a real estate agent familiar with deed-restricted properties to ensure they fully understand the implications of these restrictions.

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How to Find a Deed Restriction

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To find a deed restriction, start by examining the property’s deed, which is typically filed with the county recorder’s office or the local land records office. These documents are public records, meaning anyone can access them, often for a small fee. You can visit the office in person or search online through the county’s official website, as many jurisdictions offer digital access to property records.

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When reviewing the deed, look for any language that specifies limitations or conditions on the property’s use. If the deed itself does not contain this information, it may reference a separate document that outlines the restrictions in detail.

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Bottom Line

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Understanding what a deed restriction is for and its limitations is crucial for anyone involved in real estate transactions. Deed restrictions are legally binding agreements that can greatly restrict how a property can be used. These restrictions are typically put in place by developers, homeowners’ associations or previous property owners to maintain a certain standard within a community. For potential property buyers, it is essential to be aware of any existing deed restrictions, as they can significantly impact plans for the property.

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Tips for Investing

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A million dollars simply isn’t what it used to be, but it remains a wealth level that relatively few people reach. Only 4.7% of Americans have $1 million in retirement savings and just 1.8% have $2 million, according to the Employee Benefit Research Institute. The estimate is based on data from the Federal Reserve’s Survey of Consumer Finances. This suggests that those with $1.5 million in retirement savings are among a small, affluent segment of the population. Achieving such a substantial nest egg requires diligent planning, disciplined saving and strategic investing. And collaborating with a financial advisor can help you develop a personalized plan to reach your goals.

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Average Retirement Savings

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Comparing your savings to the average nest egg can help you put your goals in context.

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The average retirement savings for all families is $333,940, with balances varying by age group, according to the most recent Survey of Consumer Finances published in 2022. Specifically, households led by someone between 65 and 74 on average have $609,230 in retirement accounts. It’s important to note that these figures can vary widely based on income levels, employment history and individual saving behaviors.

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While $1.5 million is certainly above average, it’s important to assess your personal retirement needs based on your individual circumstances.

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Factors Influencing Retirement Savings

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Several key factors affect how much you’re able to save for retirement over time. Income, saving habits, and how you use retirement accounts all contribute to the total amount you can accumulate.

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Earning Potential

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Maximizing your earning potential throughout your career significantly impacts your ability to save. Pursuing higher education, specialized training or career advancements can lead to increased income, providing more funds to allocate toward retirement. Additionally, engaging in side businesses or freelance work can supplement earnings, accelerating savings growth. If you earn $100,000 and save 20%, with a 7% annual return, you could reach $1.5 million in about 27 years.

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Saving Early

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Saving early leverages the power of compound interest and allows investments to grow exponentially over time.

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For example, saving $1,000 per month starting at age 25, with a 7% return, you could accumulate over $1.5 million before age 60. If you didn’t start saving until age 35, the total accumulated would only be approximately $700,000, requiring higher monthly savings to catch up.

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This shows how early investing can significantly accelerate wealth building.

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Maximizing Retirement Accounts

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Utilizing tax-advantaged retirement accounts, such as 401(k)s and IRAs, is crucial. Contributing the maximum allowable amounts and taking advantage of employer matching programs can significantly boost retirement savings. For 2025:

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The 401(k) contribution limit is $23,500. For those over 50, it’s $31,000. And those ages 60, 61, 62 and 63 are eligible for an even larger catch-up contribution of $11,250, for a total of $34,750.
The IRA contribution limit is $7,000 ($8,000 for those over 50).

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A high-income earner who maxes out these contributions and invests wisely could reach $1.5 million well before retirement age. Tax strategies like Roth conversions and HSAs can also boost long-term savings.

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How Long Will $1.5 Million Last in Retirement?

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The longevity of a $1.5 million nest egg in retirement depends on various factors, including withdrawal rates, investment returns and individual spending habits.

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The 4% withdrawal rule suggests that retirees can withdraw 4% from a balanced portfolio in the first year of retirement and then adjust annually for inflation. Doing so helps preserve savings for up to 30 years. Applying this rule to a $1.5 million portfolio would get you about $60,000 in annual withdrawals.

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This strategy aims to provide a steady income stream while preserving your principal over the long term. Health, lifestyle and market conditions all affect how long $1.5 million might last. These factors can also dictate whether a 4% withdrawal rate will meet your needs. Tailoring your withdrawal strategy to your personal needs and market conditions helps improve outcomes.

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Bottom Line

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While only a small percentage of retirees have $1.5 million saved, reaching this milestone offers substantial financial security and lifestyle flexibility in retirement. Saving $1.5 million for retirement often requires disciplined saving and informed investing. Partnering with a financial advisor can help you tailor a plan to your individual circumstances, ensuring a comfortable and sustainable retirement.

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Tips on Saving for Retirement

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