Many people are paralyzed into inaction when they start thinking about the challenge of planning for retirement. The truth is there are a few first steps anyone can take on their own to improve their chances for success.
A first step is to determine how much income you can expect to receive from social security. In years past SSA would mail annual statements for people to see their expected benefits. Things have changed… go to google and search for “my social security”. You will create an account and through this account be able to determine your numbers.
So what are you looking for? Depending on your age you have a variety of options that determines how much income you can draw for retirement. Standard retirement at age 66 or 67 (depending on your DOB) will provide your base amount of income. This number is based on your last top 10 earning years.
If you decide to retire early at age 62 you will receive a discounted amount, perhaps 75% of that base amount.
If you decide to retire at age 70 you will receive a larger amount during retirement, perhaps 125% of that base amount.
If you have limited or reduced retirement savings and you are in good health and able to work to age 70, it is strongly encouraged that you should wait and take social security at age 70. The additional income can provide a cushion that will allow existing savings to last longer.
People are living much longer these days and surveys repeatedly show people’s number one fear is running out of money in retirement.
If you decide to claim early social security it could negatively impact your long term financial plan. You should also be aware that social security benefits could be taxed, further reducing the retirees’ effective income. Be sure to consult a tax professional.
Taking this first step can have a major impact on your retirement planning, whether you are 45 or 65…. knowing the numbers, you can potentially increase the amount you save into retirement plans.
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First Financial Group 744 W Lancaster Av Suite 235 Wayne, PA 19087
Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 954 Ridgebrook Rd. Suite 300, Sparks MD 21152. 410-828-5400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.
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PAS is a member FINRA, SIPC.