If you are relying on Social Security Benefits alone to sustain you Beyond Retiring, check again:
Social Security will give you roughly one-third of your former pay while you were working. Unless you have a sizeable Nest Egg, you undoubtedly will run into financial difficulty during Retirement. Social Security has played a major role as income for Baby Boomers and Retirees for many years.
It’s important to utilize ways to maximize your benefits before Retiring. Seek assistance and information from trusted Sources, such as the Social Security Administration (SSA) Website. If needed, get a trusted person to help you maneuver the system, to get as much accurate information as possible related to your own situation.
There are various issues you need to explore regarding your Social Security Benefits such as: When to file, how to file, and using certain spousal provisions (if they apply). There are other provisions that could possibly maximize your Social Security Benefits. Be aware, however, that your Medicare Premium will be deducted from your Social Security check each month. If you are fortunate enough to have a 401(K), pension plan, or some other savings plan through your employer upon Retiring, then, you will have more options as to the decision of Retiring early.
If your financial situation and health dictate, you might choose to continue working, and file for Social Security at or beyond the age of 65. Keep in mind that Retiring early will reduce your monthly benefits significantly. You may want to consult with trusted family members before deciding on early retirement, especially if they will be affected in some manner.
Formulating a pre-Retirement plan and budget will certainly be crucial in managing your money properly Beyond Retiring.