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.

Retirement My Way

The Retirement my way advantage.

Our proprietary Retirement My Way process allows us to review your current financial plan and help identify missing pieces and areas of improvement.

This ensures all elements of your retirement are working together. Upon joining the Summit Financial Partners client family, you will have a clear plan to the road called Retirement!

If you have saved at least $250,000 in your retirement, here is what you’ll receive:

An Evaluation of Your Essential Monthly Spending vs. Discretionary Monthly Spending

A Social Security Analysis to Maximize Your Benefits

A Strategy for Optimizing Your Pension (if applicable)

A Personalized Plan that Guarantees Income for Life

A Custom Strategy to Close the Income Gap and Protect Your Nest Egg

An Investment Plan with a Securities Advisor to Determine how to position Your Remaining Assets

A Tax Analysis to Ensure Your Plan is Tax Efficient

A Secure Estate Plan to Protect Your Family Legacy

A Review of Your Current Insurance Policies to Ensure You Are Protected

A Yearly Assessment to Ensure Your Plan Achieves Your Ever-Changing Goals

Learn more about our Retirement My Way process

Request a complimentary copy of this detailed brochure by completing the form below.