When a loved one passes away, there are usually various arrangements that need to be made. One of the tasks to oversee will involve reporting the death to the Social Security Administration.
You may be someone who looks forward to the day you retire, or you could be someone who plans on working for as long as possible. No matter which category you fall into, you should do some retirement planning in preparation for this major milestone.
Claiming Social Security prior to full retirement age (which falls between 66 and 67, depending on your year of birth) means slashing your monthly benefits for life. However, in some cases, it does pay to file early.
Retirement is an exciting milestone. Planning becomes even more crucial, once you get within a few years of saying goodbye to your career. As we turn 60 and inch closer to retirement, there are important questions to answer.
On its surface, Social Security seems like a fairly straightforward program. You and your employer pay a tax based on your earnings, while you work. When you retire, you get a lifelong income stream that’s somewhat tied to how much you paid into the system.
One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
Sophisticated analyses take into account the tradeoff of receiving no income during the deferral period and more income later in retirement.
You’re closing in on retirement, but you’re not there yet. Are you on track?
Though Social Security helps millions of seniors stay afloat financially, living on those benefits alone could mean winding up cash-strapped in retirement.
Although Social Security helps millions of seniors stay afloat financially, living on those benefits alone could mean winding up cash-strapped in retirement.
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