A Solution for the Unprepared
February 28, 2012 By Kevin Pillion - Co-Executor PLLC
If you are expecting to retire in relative comfort you are going to have to acknowledge that this is a goal that will take effort to reach rather than viewing it as an entitlement. With the above having been stated, statistics tell us that a very high percentage of people are unprepared for retirement.
Over 60% of those who are receiving Social Security say that it is their primary source of income. Given the fact that the average Social Security monthly payout is around $1080 this is not a very advantageous position to be in.
If you find that you are not quite prepared to retire when you reach the age of Social Security eligibility one solution would be to delay your retirement. If you were to continue working and delay applying for your Social Security benefit, you would earn delayed retirement credits.
These credits would increase your benefit when you did start receiving it by 8% per year that you delayed your application. It should be noted that you can't delay it indefinitely; this can only be done until you reach the age of 70.
In addition to earning these delayed retirement credits your benefit could increase for another reason as well. Your top 35 earning years are used to determine your benefit amount. If you earn more during these last years than you did at some earlier point in your working career delaying your retirement could increase your benefit.
Maximizing your Social Security benefit can help out if you find yourself unprepared. However, the wise course of action is to set yourself on a course that leads to financial success without the need to delay your retirement. The best way of doing this is to sit down and discuss your future with a licensed Sarasota retirement planning lawyer.
ABOUT THE AUTHOR: Kevin Pillion
Experienced estate planning attorneys Sarasota FL of the Co-Executor PLLC offers estate planning and business planning resources to residents of Sarasota FL.
Copyright Kevin Pillion - Co-Executor PLLC
More information about Kevin Pillion - Co-Executor PLLC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
If you find that you are not quite prepared to retire when you reach the age of Social Security eligibility one solution would be to delay your retirement. If you were to continue working and delay applying for your Social Security benefit, you would earn delayed retirement credits.
These credits would increase your benefit when you did start receiving it by 8% per year that you delayed your application. It should be noted that you can't delay it indefinitely; this can only be done until you reach the age of 70.
In addition to earning these delayed retirement credits your benefit could increase for another reason as well. Your top 35 earning years are used to determine your benefit amount. If you earn more during these last years than you did at some earlier point in your working career delaying your retirement could increase your benefit.
Maximizing your Social Security benefit can help out if you find yourself unprepared. However, the wise course of action is to set yourself on a course that leads to financial success without the need to delay your retirement. The best way of doing this is to sit down and discuss your future with a licensed Sarasota retirement planning lawyer.
ABOUT THE AUTHOR: Kevin Pillion
Experienced estate planning attorneys Sarasota FL of the Co-Executor PLLC offers estate planning and business planning resources to residents of Sarasota FL.
Copyright Kevin Pillion - Co-Executor PLLC
More information about Kevin Pillion - Co-Executor PLLC
View all articles published by Kevin Pillion - Co-Executor PLLC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
