CAN YOU PASS?

OUR THREE QUESTION RETIREMENT QUIZGoldstoneFinancialGroup.net

CAN YOU AFFORD IT?

UNFORTUNATELY, MORE THAN HALF OF AMERICANS GO INTO RETIREMENT BROKE, WITH NOTHING TO SHOW FOR THE 35+ YEARS THEY’VE BEEN WORKING. 

AS A GUIDELINE, MANY FINANCIAL PLANNERS ADVISE YOU TO START SAVING UP TO 15% OF YOUR INCOME WHILE YOU’RE STILL IN YOUR 20S. IF YOU WANT TO KNOW THE EXACT AMOUNT, PROFESSIONALS ESTIMATE THAT YOU SHOULD HAVE AT LEAST 10 TIMES YOUR LAST FULL-YEAR INCOME BY RETIREMENT.

01

WHERE SHOULD YOU RETIRE?

FOR INSTANCE, DID YOU KNOW THAT 13 STATES TAX SOCIAL SECURITY BENEFITS WHILE 37 DON’T? OF THE 13, 9 EXEMPT TAX UP TO A CERTAIN LIMIT. THE REMAINING 4 (MINNESOTA, VERMONT, NORTH DAKOTA AND WEST VIRGINIA) TAX YOUR BENEFITS, NO EXEMPTION.

02

HOW DO YOU MAXIMIZE SOCIAL

SECURITY BENEFITS?

WHILE THE SOCIAL SECURITY BENEFITS AT FULL RETIREMENT AGE (FRA) ARE CAPPED AT $2,687 A MONTH IN 2017, THERE ARE A NUMBER OF WAYS THAT A RETIREE COULD USE SOCIAL SECURITY TO BOOST BENEFITS.

FOR INSTANCE, THERE’S A “SOCIAL SECURITY SECRET” YOU CAN USE TO GET AN ADDITIONAL $15,978 EACH YEAR. RETIREES CAN INFLUENCE THE AMOUNT THEY ARE PAID IN SOCIAL SECURITY BY CHOOSING WHEN (WHAT AGE) TO CLAIM THEIR BENEFITS. AT FRA, A RETIREE IS ENTITLED TO 100% OF THEIR BENEFITS. RETIRING BEFORE REACHING THE FRA REDUCES THE MONTHLY BENEFIT. 

03

ORIGINAL STORY PUBLISHED ON GOLDSTONEFINANCIALGROUP.NET

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