Planning for your Health, Retirement Income and Legacy
Social Security Benefits
Social Security
Social Security is a starting point for retirement.
The Social Security Administration (SSA.GOV) will be your source to enroll into Medicare and other Government programs. The Website has a wealth of information available to you.
It also is where you will apply for your Social Security income.
For some individuals, the income can be incidental income. Adding to the taxable income when the income it self may not be needed.
For others, the income may be a lifeline to the monthly expenses.
For 66% of the population, Social Security income is essential.
Care should be taken as to when you begin the income stream.
Social Security is an IMMEDIATE ANNUITY.
A discussion should be done as to what is the best time to begin the payments.
Waiting will provide about a 8% increase each year. Taking the payments early, will reduce the income.
Do not let this become
your Retirement Income Plan
SOCIAL SCURITY WAS NEVER INTENDED TO BE A PERONS RETIREMENT INCOME PLAN.
The payments will be about 40% of your working income. Before you retire. Compare your expenses with only 40% of your income. If there is a problem, we need to talk. This conversation should happen while you are in your 50’s. As time goes by, so does the ability to plan.
When to begin Social Security Income
I DO RECOMMEND THAT YOU ENROLL ON THE SSA WEB SITE TO CREATE YOUR OWN ACCOUNT. GO TO: My Social Security
The web site has information for you to determine your exact Full Retirement Age (FRA). You will also be able to see what your income will be at different ages. This information is important. To go into Retirement without this knowledge can be detrimental to you.
While you may begin payments at age 62. The payment can be as much as 30% less than the FRA Amount. Caution should be used when applying.
Medicare
Your enrollment into Medicare is first done through the SSA.
You should check your “” My Social Security“” account to verify the information about your Medicare enrollment.
Many times there is a problem if you are still working. Verifying when you want to enroll on your account, will ensure a seamless enrollment.
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