Understanding social security with retirement planning, and how it affects your future years is a major step in which individuals and couples need to invest positive quality time in protecting their rights, benefits and financial needs. Making decisions concerning social security and the full range of retirement options can be frightening. Many individuals attempting to use a social security retirement age chart to guide them thru retirement end up in bewilderment trying to decipher such things as:
- When to start receiving
- How much you will be receiving
- What advantages and disadvantages could occur if you start receiving benefits early or later in retirement
- How does early/later benefits affect any other income such as pension, investments
- How to determine life expectancy
- Working during retirement
- Will choices affect spouses benefits
- What about income taxes, estate planning, retirement planning…the list goes on.
A persons full retirement age depends on the year they were born. Looking at a Social security retirement age chart can give you
and your spouse a basic starting point of monthly benefits.
Proper planning is key, take into consideration 5 steps to retiring at a certain age:
1. What you should do before you retire
2. Learn to plan, realize that you have options to determine when, where, how and if you should retire at a certain age
3. Be in control of your finances, even if you have (or don’t have) a financial advisor, accountant, stock broker, whatever, you must over see and understand what you advisors are doing in regards to your money. It’s your money your life.
4. You will need to consistently work on your retirement plans. Unless you have a multi million dollar trust fund source of income, and people to wait on you hand and foot you will need to work on your retirement years.
5. What you should do after you retire Do not allow social security, any other retirement income, or lack of, to determine how when and where you retire, your choices are vast and can become quite overwhelming at times. Learn to maximize your benefits, you worked all those years, now you deserve to have retirement income work for your best interest.
There is an unbelievable amount of information involved dealing with social security, with over 2,700 rules in the operations manual and just the average married couples have hundreds of different options offered to them when applying for benefits. Are you aware that if you do not look beyond the basic claim options being offered (the ones you see in websites and magazines) you’re probably going to leave money on the table?
Most retirees overlook or lose the opportunity to add thousands of dollars to their retirement income. Getting it right the first time is vital to your financial and retirement needs, or you could suffer through endless appeals and waiting games. Take the time and effort to review all of your opportunities.
On the government social security website there is a comment stating that you can complete an application for benefits in 15 minutes. Hopefully you will see the danger in doing this when you realize that taking into consideration you are relying on your own personal needs, requirements and lifestyle, you should allow more time, research and advise to set the stage for your retirement years.
There is hidden money and benefits to be found, do your homework! Understand there is more involved than just looking at a Social security retirement age chart. The absolute best starting point is The Social Security Retirement Guide, written by Former Social Security Administrator Jim Blair, where he gives behind the scenes details on what to expect when dealing with your own social security and retirement decisions.
Take the time to protect yourself and your family, many individuals going into retirement just look at the surface or what is told to them (by employees doing routine work) when it comes to taking benefits. Dig deep, learn to maximize your lifetime benefits, The Social Security Retirement Guide includes email support for questions, you receive access to all future updated editions, is an excellent source of information and is a must for any age to start planning and achieve quality retirement years.