When Will You Be Retiring?
If you want to be prepared for the future you need to engage in careful and intelligent advance
planning. Recent studies have shown that a surprising number of individuals who are approaching
retirement age are unprepared. About one out of every four people who participated in a recent survey
that was conducted by the Associated Press in association with LifeGoesStrong.com said that they
would never retire due to the fact that they do not have the financial resources to do so.
One of the things to consider when you are setting a retirement date to aim for is going to be your date
of Social Security eligibility. Many people are not aware of the fact that the age at which you become
eligible varies depending on the year during which you were born. For those born between 1943 and
1954 full retirement age as defined by the Social Security Administration is 66.
Full retirement age then goes up by two months per year, so if you were born in 1955 your full
retirement age is 66 years and two months. It graduates like this until 1960. Americans who were born
during this year and after become eligible to receive full Social Security benefits at the age of 67.
It should be mentioned that you can choose to retire and apply for Social Security when you are as
young as 62, but you would receive a reduced benefit if you choose to go this route. Conversely, you
may work beyond your full retirement age to a maximum of age 70 and earn delayed retirement credits
that will increase your benefit when you do start receiving Social Security.
All the statistics cited above are accurate as of this writing. However, nothing is etched in stone. It is
entirely possible that the age of eligibility could be raised in an effort to cut costs due to the federal
deficit which is such a pressing concern on Capitol Hill. This is something to pay attention to as budget
cutting talks proceed if you are planning for retirement.
Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton & Cumpton LLP offers
estate planning and business planning resources to residents of Mobile AL. To learn more about these
free resources, please visit http://www.epattorneys.com today.