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Senior Citizen Financial Guide To Retirement Planning

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Senior Citizen Financial Planning for Retirement - FinancialGuide

Helping Your Money Last... After Your Last Paycheck.
401k Retirement Plans, IRA and more.

A look at different ways to afford retirement

Today's seniors can expect a longer retirement than their parents. That means more years to finally do what you want to do, including travel and hobbies (not to mention spoiling the grandkids). But a longer retirement also means more years of money going out and no paycheck (or only a small one) coming in. That's why seniors need to be smart about how they pay for their retirement years.

"You really need to have a strategy to make sure your savings last," said
Lee Bowman, National Coordinator of Community Affairs at the FDIC.

If you are over 62:
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As with any major financial decision, be sure to consult with financial advisors and loved ones to decide what strategies are best for you. Gold Coin Investment | Home Furnishing Tips | Bedroom Decorating Tips

Social Security and Pension Benefits

Your first order of business: Determine when the best time is to start tapping this money. For example, if you start receiving your Social Security benefits before your "full" retirement age (which could be anywhere from 65 to 67 under current laws), your benefits will be reduced permanently, and perhaps significantly, from what they would be at your full retirement age. And if you receive Social Security benefits early, but you continue to work and your earnings exceed certain limits, your benefits will be reduced even more until you reach full retirement age. On the other hand, if you delay collecting Social Security until after your full retirement age, you can continue to work and still get your full retirement benefits, or even higher benefits, no matter how much you earn. 0 APR Credit Card Intro Rate

Here's basic guidance from the Social Security Administration (SSA): "As a general rule, early retirement will give you about the same total Social Security benefits over your lifetime, but in smaller amounts to take into account the longer period you will receive them. There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit is permanently reduced."

For help figuring out whether early retirement is better for you, check out Social Security's "Break-Even Age" calculator at www.socialsecurity.gov/OACT/quickcalc/when2retire.html  or call the SSA (see For More Information).

Employer pension plans usually have options somewhat similar to those of Social Security. Contact your employer's personnel department for guidance.

No matter when you decide to start receiving your benefits, remember that it could take several weeks to receive your first payment. Also consider having your payments deposited directly into your bank account so you don't have to worry about a check getting lost or stolen in the mail. Social Security | Florida Foreclosure Listings

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Source: FDIC