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.

Medicare & Long-Term Care Planning

Get help navigating a unique care plan.

Medical care during retirement can be extremely complex, not to mention expensive.

Paired with the uncertainty around long-term care planning solutions, intimidation can start to set in. Summit Financial Partners can be your guide in navigating a unique care plan.

Medicare:

The quality of your retirement years can largely depend on your physical and mental health. And turning 65 brings on important decisions. Do I add a Medicare Supplement or Medicare Advantage? What about prescriptions? Plus, Medicare is time sensitive, meaning these decisions must be made during yearly open enrollment. By planning out the process, you’ll know exactly what to do by when. Come your 65th birthday, we’ll have everything in place and be able to continuously monitor your coverage each year as your medical needs change.

Long-Term Care Planning:

For most of us, we want to age in the comfort of our own home. However, the cost of in-home care is expensive and not ideal for some families. Even facilities that offer long-term care services have hefty price tags which causes us to ask; what’s the likelihood I’ll need a long-term care plan?

The U.S. Department of Health and Human Services estimates that more than half of people (52%) who turned 65 between 2015 and 2019 will need long-term care services at some point in their lives. Almost 14% of people in the age group will require this care for at least five years.*

Women are more likely than men to require these services, which is likely related to their longer average lifespans. About 58% of women will require long-term care compared with 47% of men.*

Whether care is provided in-home or at a nursing care facility, it doesn’t come cheap. A recent analysis found that the average annual cost for a semi-private room at a nursing facility is more than $93,000.* In short, Summit Financial Partners can be your partner in navigating a unique care plan fitting for how you prefer to age.

*Source: https://www.seniorliving.org/finance/long-term-care-annual-report/

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– RYAN, SFP PRESIDENT