Planning

 
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The Social Security Administration has made an assumption about what retirees should want that could reduce your Social Security benefits by 4% annually. On top of that you’ll also lose out on an entire half-year of Social Security income.

How this happens is as follows. Say you come in to the Social Security office to apply for your benefits just a few months shy of your 70th birthday as you are directed to do by the SSA. You’ve decided to delay your retirement benefits until the latest possible date in order to get the most Social Security. You fill out the application. Then you go home thinking your full benefits are going to kick in when you turn 70. Much to your surprise, you receive a lump sum check for six months of what they refer to as “retroactive benefits.” You may think nothing of it or you may pick up the phone and call. If you’re a numbers person you will also notice that the amount they’ve sent is not the full amount you expected.

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Even if you have millions of dollars set aside to see you through life, the toll of long-term healthcare can derail even the best financial plans. Establishing a solid plan for long-term healthcare is essential no matter your income level.

Recent polls indicate that nearly half of wealthy individuals have not done much, if any planning for the potential need for long-term care. They do however feel secure about being able to meet their medical costs now and in retirement, while the less wealthy are more concerned about how they’ll meet their medical costs.

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A vast majority of Americans don’t give much thought at all to long-term healthcare.  Across the board, the wealthy are like most other Americans when it comes to this subject. They just don’t think about it.

One reason many do not consider provisions for long-term care is because it can come with a hefty price tag. However, the cost of not considering it can be financially devastating.

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Retirement age sneaks up on us before we know it! And it’s happening to as many as 10,000 Americans every day. Prepared or not, many employees are often forced to take early retirement due to economic setbacks and other corporately conceived reasons.  While some people start planning for retirement with their very first jobs, many don’t think about planning till the eleventh hour. Some don’t plan at all. Hopefully you’re somewhere in the middle of this spectrum.

No matter what, unless tragedy strikes and you become disabled or die, retirement will become a reality for everyone at some age. How you meet retirement says a lot about how you’ll spend your retirement years.  I have prepared a list of steps to address before you retire that will help you meet this stage of life with dignity and grace. Hopefully you will also arrive with a portfolio that will keep you financially and psychologically secure through the rest of your life.

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In the U.S., 10,000 baby boomers reach retirement age everyday. These statistics beg the question: If you are nearing retirement age, how ready are you, psychologically and even more importantly, financially for this life event?

Every individual will have different needs and desires for their retirement years. No matter what those are and how they differ, the more clearly you envision your future during retirement and plan before hand to be as prepared as possible, the more you’ll enjoy this phase of your life.

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