What you need to know
Making Retirement Work
There are plenty of questions that arise when you approach retirement.
- Do I take Social Security early or wait?
- How does Medicare work?
- Do I need a Medicare Supplement?
- How do I make my money last?
You may have more but the important thing is that you want answers, and not just any answers, but answers from people you can trust.
There are plenty of places to go for those answers but how can you be assured you are getting the right answers?
You could go to the internet and take your chances that the advice you get will be correct.
Your Social Security office staff may be knowledgeable but they are not allowed to give you advice. They can only answer the questions you ask.
Your financial advisor probably has no training on proper ways to claim your Social Security benefits as opposed to our staff who are all trained Social Security Claiming Strategists.
If you are approaching Medicare age get ready to have your mailbox stuffed with information from every insurance company and agent in your city. Here again, we have the expertise to help you wade through the options and make the choice that will be best for you.
- Social Security may be the only benefit you get that has a Cost of Living Adjustment
- By waiting until age 70 to collect SS you will get an 8% increase in benefit for every year from your Full Retirement Age.
- If you take SS at age 62 you will receive 25% less than your FRA amount for life.
- You can suspend your SS benefit at any time if you feel it is not needed and still get Deferred Retirement Credits while suspended.
- You may be able to collect on a spouses (or ex-spouse) SS if 1/2 of it is greater than your benefit.
- You should check your SS Benefits Statement on SSA.Gov to make sure they have accurately recorded your previous income.
- Your SS benefit is based on your best 30 years of income indexed to today’s dollars.