**SPONSORED CONTENT BY FINANCIAL PLANNING CENTER**
All Americans look forward to a comfortable and healthy retirement. Lately, the unpredictability of the stock market and recent vacillating economy may have impacted our timeframe for retirement or possibly even stopped it altogether. But the decision to retire should be more than a financial calculation.
Kiplinger published an article a few years ago titled “5 Steps to a Secure Retirement.” In this article they highlight 5 key steps to focus on as you enter retirement.
Step 1: DO A REALITY CHECK
Step 2: PLAY CATCH-UP
Step 3: WORK LONGER
Step 4: CREATE RETIREMENT INCOME
Step 5: DELAY SOCIAL SECURITY
Depending on your situation, not all of these steps may apply to you. However, almost everyone can benefit from learning more about these steps.
This is an abbreviated list, of course. Retirement planning, done correctly, often includes several more factors, not all of them pleasant. If you retire before age 65, for example, you will need to find affordable health insurance until you qualify for Medicare. Even after qualifying for Medicare, you should evaluate supplemental policies to find the plan that best meets your particular needs each year in retirement.
Do you plan to work in retirement? If you haven’t reached your full retirement age (as defined by the Social Security Administration) and are receiving Social Security benefits, a portion of your benefits can be withheld. You need to be aware of the earnings limits.
If you haven’t signed up for Social Security yet, you should carefully consider when to trigger this benefit. This is a lifelong source of guaranteed income. Your objective should be to maximize your lifetime benefits, rather than merely looking at the largest monthly check. Watch this short video at www.BiggestBenefit.com for details.
Speaking of Social Security, many people are not aware of all of the filing options available through SSA. Are you married? You may benefit from the File and Suspend strategy. Or perhaps the lesser-known Restricted Application strategy would put the most money in your pocket. Did you get a divorce? Is your ex in a better financial situation than you? If you haven’t remarried, you might be able to base your benefit on your ex spouse’s earnings.
The decision to retire should not be taken lightly. To support yourself without income from a job, you will have to make a series of choices about Social Security, health coverage, and your investments. Call the Financial Planning Center today to set up a time where we can sit down and help map out the successful retirement you have been dreaming of.
By:
Nick Meriwether, CLU, ChFC
Chief Financial Advisor
www.ClarksvilleFPC.com
(931) 358-3961
(800) 826-6516