You have some choices to make when you are planning for retirement, and there are in fact some significant benefits that go along with working beyond the age of full Social Security eligibility. First off, let's look at the age of full eligibility. For those born in 1954 or earlier the full eligibility age is 66. People born in 1960 and after become eligible at the age of 67. During that interim period things are a little more complicated. If you were born in 1955 you become eligible for …
Social Security Figures Underscore Importance of Retirement Planning
There is an interesting article on the Forbes website that provide some information that is very inspiring to those who are looking for reasons to start planning ahead for the future. The article tells us that this year the average Social Security benefit for a couple in the United States is a mere $2048 per month. For single individuals the average is just $1,261. These figures are in place after a 1.7% cost-of-living adjustment that went into effect at the beginning of the year. This is …
Take Pause Before Buying Into HECM Solution
Home equity conversion mortgages are available to individuals who are at least 62 years of age who own their own homes or have adequate equity. With these loans you receive payments from the lender who in turn is receiving equity in your home. The loan becomes due after the borrower passes away or moves from the residence. Such a move would often times be a move into a long-term care facility. The appeal of these loans is the fact that someone who is living on a fixed income can suddenly …
BC Sloan Center: Higher Percentage of Elders Still Working
The Sloan Center on Aging & Work at Boston College does a lot of work that is of interest to people who are in the field of retirement planning. One trend that is emerging is the propensity for seniors to remain on the job longer than they once did. 40% of people who are 55 years of age and older are still in the workforce; in 1993 this figure was 30%. 17% of people who have reached the age of 65 are still on the job compared to 12% in 1990. The average age at which people retire has …
Beneficiary Can “Stretch” Individual Retirement Account
The process of retirement planning can involve contributing into an individual retirement account over an extended period of time. With these accounts you can accumulate resources that you can utilize as a financial underpinning during your senior years. With the traditional IRA you make contributions before paying taxes. As a result, when you receive distributions eventually they are subject to taxation. Similarly, if there was a remainder in the account after you passed away your …
Make 2013 the Year You Seize Control of Your Future
The future is bright for people who are making measurable financial progress every day. When you work within a solid framework with specific goals in mind you make intelligent choices on a consistent basis, and you invariably feel quite good about them. Conversely, if you are just meandering along with no real long-term financial strategy you are probably going to feel some sense of insecurity and discontent. This is natural when you know deep down inside that you are really not prepared …
Social Security: How, When & How Much?
When you speak with a retirement planning attorney about your future he or she is going to explain the limitations of Social Security. Thinking that you will be able to get by on Social Security alone is a mistake, and this is why advance planning with the benefit of expert guidance is so important. Why is it a mistake? The answer is because Social Security benefits are quite limited. The average monthly benefit in 2012 was less than $1250, and even the maximum of $2513 is not exactly a …
Act Now With the Future in Mind
When you are going through your prime earning years you have a window of opportunity that you can either take advantage of or ignore. You must assume personal responsibility for your own future, and if you do not act with that future in mind along the way you may regret it later on. Retirement planning is important, and you cannot correct errors of omission as a senior citizen in most cases because you simply don't have the time to recover. On the other hand, if you understand the facts, …
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