Retirement is one of life’s biggest milestones — and one of its most personal.

There’s no universal age, savings amount or checklist that applies to everyone.

But according to Nick Subich, CEO of YTS Wealth Management in Murrysville, which manages $1 billion in assets, the key to retirement readiness isn’t found in comparisons or magic numbers.

In the Post-Gazette’s latest “In Conversation With” Q&A series, Mr. Subich dispels common myths — like the idea that you need $1 million to retire. He addresses why you should consider taking Social Security at age 62 and explains why the smartest move you can make might be simply sticking to your plan.

Post-Gazette: What one piece of advice do you wish everyone understood before deciding to retire?

Mr. Subich: That there is no magic number. We find that most people have a pre-determined asset level in mind or a pre-determined age in mind based off of advice from friends and family or from Google searches. Don’t get caught comparing your circumstances with others. Others have no bearing on your retirement.

PG: What are some of the biggest financial mistakes you have seen people make right before or right after retiring?

Mr. Subich: Making large, unplanned withdrawals. One client withdrew a substantial amount from an IRA for home renovations, which led to a significant tax bill and increased Medicare premiums.

Also, inappropriate investment strategies. It’s very common to see clients come to our firm and their investment strategies are far too conservative or far too aggressive.

PG: What should retirees consider when deciding when to claim Social Security benefits?

Mr. Subich: There is a mathematical answer to this question and an emotional and philosophical answer. Most families struggle with the decision to start Social Security benefits at age 62 or their full retirement age.

Source: Pittsburgh Post Gazette