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Setting a Financial Strategy for the Retirement Years

Social Security and Medicare both loom high on the list of importance areas to consider when plotting a financial strategy for that segment of your life. In an article posted on www.columbusceo.com by freelance writer  Craig Lovelace, the specific points to consider in both of these areas are discussed, along with some pointers on questions to ask as you plan. Read the article here…

One item to note, however, involves the article’s statement that “You can begin collecting monthly benefits as early as age 62, but you’ll see 20 to 30 percent less over your lifetime than if you wait until FRA, or full-retirement age.” Just for clarification, it’s important to note that whether or not you see less over your lifetime is a function of how long you live. The break-even point–the point in age where it would have benefited you to wait to file–is in the mid-80s. The fact is that your monthly payments will be less the earlier you file, so it’s critical to weave this into your planning.