Most people are going to be relying on Social Security to one extent or another when they achieve senior citizen status so you need to know what to expect. It should be noted that although 60% of people who receive Social Security say that it is their primary source of income you should do everything possible to avoid being overly dependent on the program because the income that it provides is relatively modest.
You become eligible to receive your full Social Security benefit when you are 66 years of age if you were born in 1954 or earlier. After this the full eligibility age rises by two months every year until 1960; 67 is the full retirement age for people born in 1960 and after.
If you want to maximize your Social Security benefit you could work beyond your full retirement age and accrue delayed retirement credits as a result. You can delay applying for Social Security until you are as old as 70.
On the other hand, you could retire when you are as young as 62 and your benefit would be reduced.
Questions often arise about the benefits of married couples. If your benefit amount is more than half of your spouse’s benefit amount you each get your own benefit. If it is less than half, that difference will be compensated for and your benefit will be exactly half of your spouse’s benefit.
To craft a comprehensive long-term financial plan that leads to a comfortable retirement expert advice is essential. If you are interested in creating a road map toward success, take action right now to arrange for a consultation with a good Indianapolis retirement planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.