Useful Retirement Planning Tips For People Retiring In 2013
You have been saving for years for your retirement, and there is no doubt to the fact that no saving is enough for retirement. Reading the tips mentioned below can help you a lot if you are retiring this year:
1. Secured retirement benefits: It is easier to get the employers contribution in the retirement plan given that retirement plan is secure, moreover, the money that has been contributed in the workplace can be kept by you. There are some retirement accounts wherein you can’t keep the employer contributions till you have served the company for a particular number of years. At the same time there are some retirement accounts where you get benefits even if you haven’t served for a specific time. Try to find out the date after which you are entitled to all the benefits if you have been with the current company only for a few years. For good retirement payout you can always spend few extra week working.
2. Claiming Social Security: Are you aware of the fact that the Social Security statement are available online since past over one year and about one million people have already downloaded them. As a best practice, download your statement to check if all your earnings are posted accurately. Also, check the amount that you are entitled to receive from Social Security at different dates. It is not the smartest decision to take Social security the same year you retire. If you claim Social Security at the age of 62 to 70, you may get access to the postponed retirement credits.
3. Secure the savings: Shifting your focus from making money to saving money can benefit you in long run as money saved is also money generated. Abstain from taking risks by following the conservative policies when your retirement age is near, it is suggested to seek advice from experts to design the retirement portfolio. As after retirement you will be living off the portfolio, it is best to protect it.
4. Enroll for Medicare Timely: Enrolment to Medicare is possible before three months before your 65th birthday. The early enrollment is valid for only three months. In case you fail to sign up during this period the monthly premiums will go up by almost 10%. However, if you are insured by a group insurance either by your spouse or employer, you would be required to sign up for Medicare before eight months from the retirement age.
5. Have a plan to spend your assets: Retirees must have a plan stating how they will convert the retirement savings into constant stream of income that will pay their monthly bills. Abstain for spending much money in the first stage, save for the later life. You can rely on netbenefits to make most of the portfolio planning. Decide and stick to the plans on how you will best utilize the assets. It is advisable to save the funds rather than spending on taxes.
These 5 tips will surely let you enjoy a financially independent life without affecting much of your lifestyle.
1. Secured retirement benefits: It is easier to get the employers contribution in the retirement plan given that retirement plan is secure, moreover, the money that has been contributed in the workplace can be kept by you. There are some retirement accounts wherein you can’t keep the employer contributions till you have served the company for a particular number of years. At the same time there are some retirement accounts where you get benefits even if you haven’t served for a specific time. Try to find out the date after which you are entitled to all the benefits if you have been with the current company only for a few years. For good retirement payout you can always spend few extra week working.
2. Claiming Social Security: Are you aware of the fact that the Social Security statement are available online since past over one year and about one million people have already downloaded them. As a best practice, download your statement to check if all your earnings are posted accurately. Also, check the amount that you are entitled to receive from Social Security at different dates. It is not the smartest decision to take Social security the same year you retire. If you claim Social Security at the age of 62 to 70, you may get access to the postponed retirement credits.
3. Secure the savings: Shifting your focus from making money to saving money can benefit you in long run as money saved is also money generated. Abstain from taking risks by following the conservative policies when your retirement age is near, it is suggested to seek advice from experts to design the retirement portfolio. As after retirement you will be living off the portfolio, it is best to protect it.
4. Enroll for Medicare Timely: Enrolment to Medicare is possible before three months before your 65th birthday. The early enrollment is valid for only three months. In case you fail to sign up during this period the monthly premiums will go up by almost 10%. However, if you are insured by a group insurance either by your spouse or employer, you would be required to sign up for Medicare before eight months from the retirement age.
5. Have a plan to spend your assets: Retirees must have a plan stating how they will convert the retirement savings into constant stream of income that will pay their monthly bills. Abstain for spending much money in the first stage, save for the later life. You can rely on netbenefits to make most of the portfolio planning. Decide and stick to the plans on how you will best utilize the assets. It is advisable to save the funds rather than spending on taxes.
These 5 tips will surely let you enjoy a financially independent life without affecting much of your lifestyle.