Have a Secure Life after You Retire. Are you retired already? Are you still working, but you are near retirement age? This is the time to make plans for your future when you cannot work anymore.
Retirement plans can be claimed from ages 62 to 70. You may be content with your retirement payments as a reward for your previous work and for reaching senility. However, you can even increase the money from your retirement plans. Emily Brandon, an author of retirement and social security articles in US News, shares these tips to secure your retirement. Have a Secure Life after You Retire
- Just Wait, and Get it Later
The Social Security Administration notes that 66 years of age is the right time to get maximum amount of Social Security. If you claim it at a younger age, you will receive less. As a retiree, you do not have to rush with your retirement payments unless you need them immediately.
If you have a healthy body and lifestyle, you can even delay collection of your financial benefits. Daniel Goldie – the president of Dan Goldie Financial Services in California – mentions that as you get older, the amount of your retirement money increases. He adds that as years pass, this growth will not stop.
- Not One, but Two Claims
You can benefit from two types of retirement payment. One is based from records of your previous work. The other is based on payments that can reach half the money received by the higher-earning spouse. This tip is applicable for people of married status. However, some retirement plan providers may require you to be married for at least 10 years.
In fact, you can claim them both – although not at the same time. One way is to receive spousal payments, and delay your retirement compensation. When the latter has accumulated, this may be the right time to acquire it.
- Take Care of your Medicare
When you are eligible for retirement, sign up to Medicare as soon as possible. You may even subscribe three months before you turn 65. By delaying Medicare, you may increase your premium costs by 10 percent per year since the eligible retirement age. Your job before retirement may include health insurance plans. If you are still working, take note to sign up eight months before retirement to avoid penalties.
- Control Your Spending
Retirement payments enable you to sustain yourself while not working. However, it is better to avoid constant or mismanaged spending. A time may come that you lack the money to sustain yourself, and consider that you are a retiree. Gordon Tutor, a certified financial planner for Wealth Analytics, advises to carefully assess your expenditure along with the retirement plan payments you receive.
Some retirees consider investing in stocks so they can get additional money. However, the stock market has an unpredictable nature. As an investor, you may even lose money instead of gaining more. It is recommended that you should pursue safer investments that guarantee financial security. Keep in mind that you are retired from work.
As you approach retirement, it may seem as the end of the road. Think of it as a beginning and as an opportunity. Life after retirement can be a pleasurable one, as long as you manage your retirement plan carefully.