Retirement Planning

There are numerous and complex decisions that must be made to ensure your retirement years are positive and satisfying. To make good decisions requires that you collect and review quality retirement information.

If you only consider the financial dimension of your retirement you will be ill prepared to intelligently make decisions about your life in retirement. But many seniors try to make critical decisions without all the needed information to do so.

For example, there are three key aspects of an individual’s retirement portfolio. One aspect may be a pension offered at your place of work. Another is your own personal savings plans and lastly there is your Social Security Benefits.

RETIREMENT PLANNING AT ITS BEST

To assist in the retirement planning process, the Social Security Administration sends each person a statement that provides a projection of the potential monthly benefit check you may qualify for if you were to retire now or in the future. But many seniors don’t even examine the document.

It is easy to disregard your potential check from Social Security when you are young but when you are facing a desperate situation, you will wish you had learned more about the systems and processes of the Social Security program. If you have questions now about your current statement go to: http://socialsecurity.gov/mystatement/
As you examine your potential income on your Social Security statement you can do some scenario “what if” planning about your future by using the retirement planner provided. Go here to see the planner: http://ssa.gov/retire2/ In addition the plan will give you key information about the qualifications for social security benefits.

If you are about ready to pull the trigger on your retirement, it is a good idea to think about sending your application for social security benefits about 3 months prior to the time you want your benefits to begin.

As a guideline provided by the SSA, if you were born before 1938 and you meet all other requirements, you can receive benefits beginning with the first full month you are age 62. But if you choose to begin receiving benefits before age 65, your benefits will be reduced to account for the longer period over which you’ll be paid.

And if you were born after 1937, you also can start your Social Security benefits as early as age 62, but your full retirement age is more than 65. The SSA provides an age chart for retirement that you can examine: http://ssa.gov/retire2/

If your retirement plan suggests that you prefer to wait longer to begin the basic social security benefits, it is recommended that you register for Medicare benefits 90 days before you turn 65.

By going online you can easily apply for your social security retirement benefits but you must contact or visit your local Social Security office to apply for Medicare. If you are restricted, the process can be handled by phone as well.

Be prepared by gathering the following documents and information:

• Social Security number
• birth certificate
• W-2 forms or self-employment tax return for last year
• Military discharge papers if you had military service
• Spouse’s birth certificate and Social Security number if he or she is applying for benefits
• Children’s birth certificates and Social Security numbers, if they’re applying for children’s benefits
• Proof of U.S. citizenship or lawful alien status if you (or a spouse or child applying for benefits) were not born in the U.S.
• The name of your bank and your account number so your benefits can be directly deposited into your account.

If you do not have all the needed documents in your possession, there is no cause to delay your planned date of retirement. The workers at the local social security office will help you solve problems.

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About The Author

For more than 20 years, Karl Edmunds has been a noted author within the business and management consulting arena. As a senior, he now engages his curiosity and observations about life to write about key issues of importance to the growing community of seniors (Boomers), and the value of living life to the fullest every single day. Give me your comments and suggests at http://Plan-Retirement.org or http://For-Seniors.org