Social security mistakes will affect your retirement plan

The social security plan involves three contract ages. These ages are 62 years old, your full retirement age and 70 years old. Anyone with the required 40 quarters of work is eligible for these benefits. You are eligible to receive benefits at the age of 62, but these benefits will be reduced. The retirement age of people born before 1943 is 65 years old. The retirement age of people born between 1943 and 1954 is 66 years old, and the retirement age born after 1960 is 67 years old. So what happens to people born between 1955 and 1959? The year of birth was 66 and 2 months in 1955, 66 and 4 months in 1956, 66 and 6 months in 1957, 66 and 8 months in 1958, and 66 and 10 months in 1959. Are you confused?

So, when you reach 62, why not take your benefits? However, you can reduce your earnings by 8% each year before the full retirement age [as shown in the year of birth above]. Instead, you are delayed by 8% per annum after the full retirement age. So you may want to know what happens when you are 70 years old? This is the latest age at which you can receive benefits. The system will only send you checks at the age of 70.

Many people want to retire as soon as possible and start to enjoy subsidies such as pensions. Be careful! If you start receiving benefits at the age of 62 and decide to re-enter the workforce, you may sacrifice these benefits. You know, if you earn more than $16,920 in 2017 and receive benefits before your retirement age, you will be fined $1 for every $2 you earn. that's right. If you earn too much, the system will take back the benefits.

Now you may ask if a person is different from a married couple's plan. The answer is yes! Statistics show that a couple who are 65 years old and have assets of $100,000 have more than 50% chance of living until they are 95 years old. With several benefits, the surviving spouse can only get 1 benefit. Obviously, we want the benefits to be as high as possible. Living expenses include living expenses. The goal is to maximize the benefits of surviving spouses.

Education is the key to proper retirement planning

• The rules are complex and there is no practice.
• Once you make a mistake, the impact may be devastating to your future.
• Work with trained financial advisors to specialize in social security programs

Don't think that you can navigate social security alone. This is a very complicated system.

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