Planning on retiring at the end of the year? Choosing the best retirement age is especially important.
First, your retirement age influences other financial decisions, such as when to start drawing your Social Security, and taking money from your investment accounts. Paying for health care is a big concern, especially if you are retiring early and not yet eligible for Medicare.
When you turn 65 you can sign up for Medicare. If you have some kind of disability or certain conditions you can sign up sooner. You can apply for Social Security benefits at the age of 62 and still be working.
Being married can affect your social security timing. Married people may be eligible for a spousal benefit based upon their spouse’s work record.
You can increase your retirement benefits by waiting as long as you can. Everyone’s financial health/physical health is different, so do what is best for you. Contact the Social Security Administration to find out what your benefits will be at different ages.
Sit down with a Human Resource Officer at your employer, to find out what your retirement income will be at certain ages. Hopefully, you maxed out what you could put in your retirement savings programs. Before you retire, you should figure all you of your expenses and income to make sure you can live comfortably and be able to do the things you want to do.
You have worked hard to pay your car off and not have any major debt when you retire. Stay out of debt and live a stress-free life. Being retired is not the time to burden yourself with debt. I know everyone’s retirement income is different, so it is up to you to live within your means.
Look at all your retirement incomes, stocks, bonds, 401K, and rental income to name a few to make you think and plan. Get with a good financial planner to help you set up your financial goals for retirement.
Plan wisely, because inflation is something that none of us can control. Inflation is the increase in the prices of goods and services across the economy. We have seen prices the last several years soar. So, prepare for the best of times and the worst of times.
If you are self-employed, hopefully you have prepared yourself for your retirement years. God Bless and enjoy your retirement.
Jimmy D. Henry is a former Walker County Commissioner. He is a lifelong businessman with management in retail sales. Henry is a published author of The Key to Understanding Credit. His book is available in print and digital on amazon.com.
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