How Should You Prepare For Retirement?
Posted by Nick Niesen on November 8th, 2010
The three major elements of your retirement portfolio are benefits from pensions, savings and investments, and Social Security benefits.
To help you plan for retirement, each year we send you your personal Social Security Statement, which gives you an estimate of the monthly benefit amounts you and your family may qualify for now and in the future. If you've received your Social Security Statement and have questions about it, visit http://www.socialsecurity.gov/mystatement/.
Once you've reviewed your Statement, you may want to explore a variety of retirement scenarios using a range of assumptions about your future earnings or when you stop working. You can do that with our Retirement Planner. The Planner not only tells you how to qualify for Social Security benefits, but it also includes Benefit Calculators that help you calculate your own benefit estimates.
Generally, you should apply for retirement benefits three months before you want your benefits to begin.
* If you were born before 1938 and you meet all other requirements, you can receive benefits beginning with the first full month you are age 62. However, if you choose to begin receiving benefits before age 65, your benefits will be reduced to account for the longer period over which you'll be paid.
Even if you don't plan to receive benefits right away, or decide to wait until after you reach full retirement age, you still should sign-up for Medicare three months before your 65th birthday.
Choosing the month you start to get benefits is an important decision. If you are not quite ready to retire, but are thinking about doing so in the near future, the Social Security Retirement Planner will help you prepare. If you plan to continue working after you reach age 62, it may be to your advantage to start your retirement benefits before you stop working.
You can apply for retirement benefits online, but not for Medicare. To apply for retirement benefits, just connect to the Internet Retirement Insurance Benefits application and follow the instructions. To apply for Medicare, call or visit your local Social Security office.
Or you can make an appointment for your application to be taken over the telephone or in person at a convenient Social Security office.
If you're deaf or hard of hearing, call our toll-free TTY number, 1-800-325-0778, between 7 AM and 7 PM Monday through Friday.
* Your Social Security number
Social Security will need original documents or copies certified by the issuing office. You can mail or bring them to a Social Security office. They'll photocopy and return your documents.
Don't delay your retirement just because you don't have all the documents we need--the people in your local Social Security office will help you. Don't wait until you are 65 to plan for your golden years.
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About the AuthorNick Niesen
Joined: April 29th, 2015
Articles Posted: 33,847
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