Thinking of retiring? Here are some things to consider.
The average 65 year old of today will live to age 83
One in four 65 year olds will live to age 90
One in ten 65 year olds will live to age 95
Keep in mind that senior retirement can have more than one meaning.
* It can mean that you will fully retire and not work.
* It can mean that you chose to receive Social Security and continue
to work.
* You may choose to work part time.
* You may choose to retire early. Not at your full retirement age.
All of these choices are available to you. Your retirement decisions can have an effect as to how you are able to maintain a comfortable retirement.
What is the best option for your senior retirement?
Of course, everyone’s situation is different. Social Security has created senior retirement planners to help you decide what would be best for you and your family. They have a new online calculator that can help you in your senior retirement. The estimator is secure and a great financial tool. This will enable you to create your own ‘what if’ scenarios. Check out the Social Security web site.
During your senior retirement, when you reach your full retirement age, you can work and earn as much as you want while collecting your Social Security benefits and not be penalized. If you retire before your full retirement age and your earnings exceed certain dollar amounts, some of your benefit payments will be withheld.
Don’t forget Medicare. Even if you don’t plan to receive Medicare, you should sign up for Medicare three months before your 65. If you do not do this, your Medicare medical insurance and prescription drug coverage could be delayed and you could be charged higher premiums when you do finally apply.
You’ve made it this far. Why not go the distance in style and grace.
Good luck and keep up a great attitude. It’s all in your hands as to how you plan to enjoy your senior retirement.
Ric Dalberri is a graduate of Columbia State University & has been involved in his own business (sold) employing over 100 people. As well as being a top producer as a Financial Specialist for over a decade with one of the largest financial institutions in the U.S., Ric has many years experience in sales and management. Ric was also a mentor in the financial arena as well as a volunteer teacher for Junior Achievement.
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