Retirement
IF YOU ARE ELIGIBLE TAKE ADVANTAGE OF 2 CURRENT SOCIAL SECURITY CLAIMING STRATEGIES
IF YOU ARE ELIGIBLE TAKE ADVANTAGE OF 2 CURRENT SOCIAL SECURITY CLAIMING STRATEGIES
TWO SOCIAL SECURITY STRATEGIES FOR MARRIED COUPLES ENDING
- “File and suspend”: one spouse files for benefits but suspends collecting them until full retirement age
- Filing a restricted claim for spousal benefits: collecting half of spouse’s benefits while waiting to collect full benefits in later years
WINDOW OF OPPORTUNITY
- 62 or older by year-end
- Retain right to collect spousal benefits starting at 66 = full retirement age
- Spouse has to have claimed retirement benefits or requested to file & suspend benefits within 6 month window
Source: Mary Beth Franklin, Author
Maximizing Your Social Security Benefits
CONSIDER ANNUITIES AS A CORE PART OF YOUR RETIREMENT PLAN
CONSIDER ANNUITIES AS A CORE PART OF YOUR RETIREMENT PLAN
- Social Security now only source of lifetime guarantee for most retirees
- Annuities provide another source of income for life
Immediate Annuities
- Pay fixed amount every year for life
- Starts payments immediately
Deferred-Income Annuity
- Set future payout date
- Later the date, the higher the payout
Kim Lankford recommends going to www.immediateannuities.com to do some personal calculations.
CONSULT A FINANCIAL PLANNER AT LEAST ONCE ABOUT YOUR RETIREMENT PLANS
CONSULT A FINANCIAL PLANNER AT LEAST ONCE ABOUT YOUR PLANS
RETIREMENT ADVICE CREDENTIALS
TAKE SOME TIME TO UNDERSTAND THE MEDICARE OPTIONS FOR YOU OR YOUR LOVED ONES
TAKE SOME TIME TO UNDERSTAND THE MEDICARE OPTIONS FOR YOU OR YOUR LOVED ONES
ENROLL IN MEDICARE ON TIME
- Approaching 65?
- Prepare to enroll for Medicare Part A & B
- Enrollment window is 3 months before 65th birthday until 3 months after 65th birthday
MEDICARE RESOURCES
- General Information: Medicare.gov or 1800-MEDICARE
- Personal Plan Information: MyMedicare.gov
- Specific Location Information: Eldercare.gov
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