What is the full retirement age for social security?

If born from 1943 to 1954, the full retirement age is 66 years old. The full retirement age goes up to 67 if you were born from 1955 to 1960. If born on January 1st of any year, refer to the previous year.

Why is Retirement Planning Important?

One of the main outcomes of retirement planning is a more stress free life. As a rule, retirement is an age where one wants to relax and enjoy the fruits of their labor of their lifespan. Having money work for you instead of working for the money is therefore important.

What are the four basic steps of retirement planning?

There are four steps you could think about when planning for your retirement. Calculate your expenses, don't ignore debt, save money for retirement and protect your savings.

What are the 3 types of retirement?

There are different types of retirement that are emerging. n•tTraditional Retirement: You hit retirement age and stop working. This type requires you to save and invest from early on while using Social Security benefits as gravy.n•tSemi-Retirement: You may scale down hours to enjoy more time off or work in some form that keeps some income coming in. This also extends your retirement savings.n•tTemporary Retirement: You may take a mini break from working before going back to a career or rejoining the workforce. This will require a complex financial plan as you may be withdrawing rather than adding to your savings. n

How do you qualify for retirement benefits (Social Security)?

When you work and pay Social Security taxes, you earn “credits” toward Social Security benefits. The number of credits you need to get retirement benefits depends on when you were born. If you were born in 1929 or later, you need 40 credits (10 years of work). If you stop working before you have enough qualifying credits, the credits remain on your SS record. So, if you return to work, you could add more credits. But unless you have the required number, the government won’t pay any benefits.

Income Planning

Having steady income in retirement is essential to maintaining your standard of living.

Why is income planning important?

Retirement brings a whole new set of challenges to your financial situation, which is why Summit Financial Partners specializes in closing the “income gap.” The “income gap” is the area in your monthly income not covered by pensions or Social Security.

In addition, the income plan focuses on the difference between accumulation and distribution. The goal is to not threaten your nest egg during the years you’re supposed to be taking trips with your spouse, spending time with your grandchildren, and checking items off your bucket list.

Our discussions when planning for income involve a few important questions:

How much do you need to cover your monthly expenses?

How much can you withdraw each year without the risk of running out of money?

In which ways can you protect your income from market downturns?

Can we protect your nest egg against the rising cost of inflation?

When and how should you collect your Social Security benefits?

Got questions? Contact us today.

LET US HELP YOU REACH YOUR GOALS.

Our approach to working with clients is one that is both relaxed and confident. The sound and well-researched solutions we provide to you is intended to establish a solid financial plan for your future.

– RYAN, SFP PRESIDENT