Financial planning lawyers will always emphasize the need to accumulate resources for retirement.
There are those who make no advance plans because they are under the impression that Social Security will take care of everything. The fact is that this program is a safety net, not a retirement plan. If you want to be able to “live the dream” as it were you’re going to have to plan ahead intelligently and stick to the plan with diligence over an extended period of time.
The above having been stated Social Security is still going to be an important piece of the puzzle. We would like to share three basic facts that everyone should know about Social Security.
You may have noticed that you are not receiving an annual Social Security statement in the mail anymore. The practice has been discontinued as a cost-cutting measure, but you need this information to be able to make budget projections.
It is still available to you. You can obtain access to your statement by registering an account online at the Social Security Administration website.
Another thing to consider is the application process. You can apply four months before you reach the age at which you become eligible for benefits. You can submit your application over the phone, in person, or online.
The last thing we would like to cover is the eligibility age. At the present time the age of full eligibility is 67 if you were born in 1960 or after. It is 66 if you were born between 1943 and 1954. If you were born between 1955 and 1959 your full eligibility age is somewhere between your 66th and 67th birthdays.
It is possible to begin receiving Social Security when you are as young as 62, but you would not be receiving your full benefit.
To start planning ahead for the future the logical first step is to sit down and discuss everything in detail with a licensed and experienced Reno estate planning lawyer.