April is National Social Security Month. It’s a perfect time and opportunity to discuss the advantages of “customizing” your social security benefits. Everyone needs to know what the social security benefits are so you can prepare for retirement. Since baby boomers are now living even longer than their parents, there is often a need to utilize any advantages available.
Each one of us and each couple has unique needs and circumstances that impact your retirement. These factors determine when you can retire. It is imperative to understand that just because your friend started receiving benefits at 62 doesn’t mean that is what is best for you. If you can wait until 70, it could make a big difference. You need to know your options and realize that you can utilize your social security benefits. Every person needs to begin receiving benefits at the optimal time.
Social Security Benefit Options For Baby Boomers
The baby boomers now include nearly 76 million people. This generation is a growing population as more baby boomers turn another year older and live full lives. There are options available regarding when a baby boomer may want to begin taking social security benefits.
Partial social security benefits are also available, and you don’t have to wait until age 70. It’s a personal decision and depends on your unique circumstance and lifestyle. We cannot predict if we’ll live to 90 or 100 so deciding when to apply for benefits is tricky and there’s no textbook answer. Social security benefits can be confusing to understand, and there are experts available to talk with as well as excellent books to read on the subject.
Your unique circumstance
- When to retire
- When to begin receiving benefits
- How long to keep working and earning income
- Need MORE than Social Security in this economy
- Need additional retirement plans or income
Too many retirees find themselves living in poverty, especially unmarried women over the age of 65. Sometimes this is because of unforeseen events that happen and sometimes it is lack of preparation.
Qualifying for Social Security Benefits
To qualify for benefits, a person needs to earn $5,200 per year for at least a decade. Payment amounts are based on earnings over a lifetime. You can view your social security earnings at www.ssa.com.
“Your Social Security Retirement Toolkit”
Here’s a book that could provide insight into your maximizing your social security for your retirement. It is by author: Donna Davis and the title is “Your Social Security Retirement Toolkit.” The ebook version is a wise investment at only $8.99, and the hardcover is $11.99. Both are available at www.Amazon.com.
This book is the author’s third published work, and this one was published in 2017. This book can help you know what your benefits are as you make your educated decisions. The author is a baby boomer and knows first hand how to help answer the necessary questions. Her first book was written in 2014. It was a retirement financial primer titled “Retirement Basics” which is out of print. It has been replaced with a book titled “New Retirement Basics” which she released in 2015. She is currently retired and walking the walk of retirement and being prepared through answering her questions and creating a retirement plan that fits her unique circumstances and needs.
It is essential to be prepared for retirement and one of the great ways to be sure you’re doing all you can is to begin educating yourself about the social security benefits. They are available and can be “customized” for your situation. Remember not to start receiving benefits when your friend does as does as it may not be what is best for you.