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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The Social Security Administration has not approved, endorsed, or authorized this article. Contact the Social Security Administration for complete details regarding eligibility for benefits. Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. This material contains the opinions of the author but not necessarily those 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.
Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 11350 McCormick Road, Executive Plaza III, Suite 202, Hunt Valley, MD 21031, (667) 318-0801. Securities products and advisory services offered through PAS, member FINRA, SIPC. PAS is a wholly owned subsidiary of Guardian. Consult your tax, legal, or accounting professional regarding your individual situation.
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