With longer life expectancies than men, women will live more years in retirement and have a greater chance of exhausting other sources of income.
The Social Security Administration has begun to mail out benefit statements at five year intervals to workers who have not signed up to view their statements online.
I don’t think so, but we do need to fix the problem! And soon!
According to the latest data I found, 59 million Americans are receiving Social Security benefits totaling $863 billion.
Social Security benefits are not just for folks with an AARP membership card.
Congress and the IRS decided that you cannot leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin mandatory withdrawals.
Current thinking has 65 as the normal retirement age because at one time a worker could collect full Social Security benefits at age 65. No more.
At 59½ you can finally get at those dollars you have been stashing away for years in your retirement plans without paying a 10% penalty.
Age 55 seems to be a magical number. It’s the elusive goal for retiring early!
Many birthdays are key to successful retirement planning. We’ll spend the week looking at the ones I think are key to your success.