Increase your Social
Security benefits
The new book, “Get What's Yours, The Secrets to Maximizing Out Your Social Security” helps you decide when and how to collect retiree, spousal, survivor, divorcee, parent, and child benefits to achieve the highest lifetime benefits. According to its authors following the suggestions in this book could earn you as much as an additional $50,000 in benefits.
The new book, “Get What's Yours, The Secrets to Maximizing Out Your Social Security” helps you decide when and how to collect retiree, spousal, survivor, divorcee, parent, and child benefits to achieve the highest lifetime benefits. According to its authors following the suggestions in this book could earn you as much as an additional $50,000 in benefits.
Two of most important
suggestions this book provides which are not generally known are:
1. A good strategy for married
couples is for one spouse to file for the retirement benefit at 62 and then
immediately suspend it. The other spouse files for a spousal benefit and can
collect half of the other’s retirement benefit through age 70. Spousal benefits
also apply to any couple married for at least 10 years, including divorcees.
2. Depending on circumstances,
it might be better to file at 62, suspend at 66, and then refile at 70 if
dependents need money more quickly. The
goal is to maximize your longer-term payout so you don’t run out of money.
Check this site for additional information on Social Security which includes
- When should you receive Social Security?
- How to apply for Social Security?
- Contact information for the Social Security Administration
- Information on working and benefits
- Information on what you should do if a Spouse Dies
Continue
working longer prior to retirement
The obvious advantages are more money can be saved for your retirement years and you will not have to dip into retirement savings until you finish working. Working longer also makes it easier to postpone taking Social Security making your monthly benefits larger. Check out this article for more information:
The obvious advantages are more money can be saved for your retirement years and you will not have to dip into retirement savings until you finish working. Working longer also makes it easier to postpone taking Social Security making your monthly benefits larger. Check out this article for more information:
The best reason to delay retirement http://www.marketwatch.com/story/the-best-reason-to-delay-retirement-2014-01-29
Continue working after you “retire”
Most jobs available to retirees are part-time, temporary, project based or seasonal and money earned from these jobs, when added to other income, helps your savings last longer and perhaps allow a bit more for a better lifestyle during retirement.
See this site for information on part-time, temporary, project based and seasonal jobs
We have provided several articles (below)
for more information
Save/invest more prior to retiring and payoff most debt
All financial advisers suggest this course of action and since people are living a great deal longer it is necessary to do this if you hope to have enough money late in life. The Department of Labor site http://www.dol.gov/ebsa/publications/10_ways_to_prepare.html includes 10 ways to prepare for retirement:
1.
Start saving, keep saving, and stick to your
goals
2.
Know your retirement needs
3.
Contribute to your employer’s retirement savings
plan
4.
Learn about your employer's pension plan
5.
Consider basic investment principles
6.
Don't touch your retirement savings
7.
Ask your employer to start a plan
8.
Put money into an Individual Retirement Account
9.
Find out about your Social Security benefits
10. Ask
Questions
Check out the Bankrate retirement shortfall calculator to help you determine your projected shortfall or surplus at retirement You can enter your retirement savings, monthly contributions, years before retirement, projected years you will be retired, projected annual retirement spending, and expected inflation rate and find out how long your savings should last. Shortfall calculator http://www.bankrate.com/calculators/retirement/calculate-retirement-income-money.aspx#ixzz3VzOYqCIi
The Employee Benefits Research Institute provides information on How Much Needs to be Saved for Retirement After Factoring In Post-Retirement Risks: (http://www.ebri.org/pdf/notespdf/EBRI_Notes_03_Mar15_Svngs-HlthCntribs.pdf)
Start a small business after you retire to create revenue
The revenue from starting a small business or becoming a
consultant will provide additional income as well tax deductions you may not
otherwise be able to take. See Become
a Consultant and Information
on starting your own business
Spend less after you retire
On healthcare. Make sure you have the right insurance plan
for you and your family.
On your daily expenditures. Audit your phone bills, utility
bills, insurance bills, etc. and you are likely to find substantial savings
often do to underutilization of the plan(s) you are paying for.
On your place of residence/location/lifestyle, etc. Consider staying in the same location where you have been living as opposed to moving to a more expensive area like Florida, Arizona or California.
Reduce your taxes
Meet with your accounts to review how to reduce your taxes.
They can assist you make tax efficient investments and manage tax advantaged
accounts.
If you plan to gift assets there are ways to do so that will
accomplish your wishes as well as reduce your taxes. If you wish to provide
money to your children or grandchildren there are ways to do so which could
lessen your taxes
Take advantage of discounts available to your age group
There are many discounts available to boomers and seniors.
Click any of the links below to see lists in each category
which can save you thousands of dollars a year.
Scams reduce the assets of retirees and people planning their retirement
Identity theft, fraud and scams against boomers, retirees
and older Americans are much more common than against younger Americans. These articles provide good information on scams,
frauds, identity thefts and how to recognize and avoid them.
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