Retirement might sound like a far-off dream, but it’ll become reality sooner than you think. You’ve worked hard for it and if planned right, you can enjoy the retirement that you’ve always envisioned. Here are a few tips that can have a significant impact on the success of your retirement plan:
- Hold off on collecting Social Security early. Retirees can start collecting benefits as early as the age 62. However, if you delay claiming benefits until after your full retirement age up to age 70, your monthly benefit can increase up to 132%.1
- Live somewhere that doesn’t tax benefits. There are 37 states in the U.S. that do not tax Social Security benefits making them one of the best places to retire. Click here for the complete list.
- Claim your ex-spouse’s Social Security benefits if you’re divorced and still single. If you and your ex-spouse have been married for 10 consecutive years or longer, you’re eligible for half of their full retirement amount, as long as they start taking benefits at their full retirement age. Best of all–claiming your ex’s benefits won’t affect them at all nor would they know at all.
- Delay collecting benefits while you’re working. If you can get by on what you’re making, try holding out on claiming your benefits. However, if you need to rely on Social Security, be aware that a portion of your monthly benefit will be withheld on earnings over $17,040.2
- Seek out good advice. As you work to make your retirement dreams a reality, you’ll have to make a lot of important decisions, but you don’t have to do it alone. Our team of seasoned professionals can give you objective information and help you weigh your alternatives.
These are only a handful of the many routes you can take when it comes to your pushing your benefits to its limits. Call us and let’s strategize together to help safeguard your future.
This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.
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