A primary financial goal for most people is to retire comfortably. We look forward to the opportunity to relax, pursue new hobbies, travel and spend time with friends and family. To improve your chances of having a financially worry-free retirement avoid the following pit-falls.
Anyone who is or was married has many Social Security benefit options to choose from. If you are currently married you may be entitled to 100 percent of your own benefit or 50 percent of your spouse’s benefit.
The biggest Social Security decision you’ll have to make is when to begin taking benefits. The full retirement age for individuals born between 1943 and 1959 gradually increases from age 66 to 67.
According to a 2018 poll conducted by Gallop, the most worrisome issues for the average American are running out of money in retirement and a lack of money to pay for medical expenses in the case of a severe illness or disease.
If you miss your initial enrollment period for Medicare Part B there is a 10% increase in premiums for each full 12-month period that you could have been on Part B. This penalty continues every year you have Part B coverage.
To start understanding what is needed for retirement, develop a budget based on your current expenses. Adjust your budget for expenses that will change in retirement.