If you are between ages 58 and 68, it is time to start learning about the rules and deadlines related to Social Security and Medicare supplements. Please join us for a free seminar discussing Social Security: How to Grow from Here, Medicare Choices, & Tax Complications. We welcome you, your friends & your family members who might benefit from this information. Click on the flyer for details, locations, times and RSVP information.
https://www.hscompanies.com/wp-content/uploads/2019/02/Featured-Image.png 312 820 Stephanie Hendon https://www.hscompanies.com/wp-content/uploads/2017/11/HS-logo-edit.png Stephanie Hendon2019-10-09 16:36:492019-10-09 16:37:59You’re invited to a Retirement Planning Seminar!
https://www.hscompanies.com/wp-content/uploads/2019/02/Featured-Image.png 312 820 Stephanie Hendon https://www.hscompanies.com/wp-content/uploads/2017/11/HS-logo-edit.png Stephanie Hendon2019-02-21 15:20:232019-02-21 15:57:432019 Educational Seminar Series
Join us for a free series of events we are hosting on important financial topics such as Social Security and Medicare options, saving for college, and intergenerational wealth transfer! We welcome you, your friends & your family members who might benefit from this information. Click on the flyer for details, locations, times and RSVP information.
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You’ve worked long and hard for years, saving diligently through your employer-sponsored retirement savings plan. Now, with retirement on the horizon, it’s time to begin thinking about how to tap your plan assets for income.
First, evaluate your needs. Estimate your non-negotiable basic needs for things like housing, food and medical care. This is how much you’ll need just to get by. Then, estimate your income needs for things like travel, leisure and entertainment to determine how much income you’ll need for your desired lifestyle. You can adjust the lifestyle items, if necessary, but conventional guidance says you’ll need at least 70 percent of your pre-retirement income in retirement.
Second, assess your predictable income. Determine how much you can expect from Social Security and traditional pensions. If your predictable income will be enough to cover your basic needs, you may be in a position to use your retirement savings to fund your lifestyle.
Third, understand your plan options. Upon leaving your employer, you typically have four options. Plans may allow you to leave the money alone or may require that you begin taking distributions upon reaching the plan’s normal retirement age. You may choose to withdraw the money as a lump sum or receive equal payments for life. You may roll the money into an IRA. Or, if you continue to work during retirement, you may be able to roll the money into your new employer’s plan. Be sure to compare fees and expenses for each option before making a decision!
Determining the appropriate way to tap your assets can be extremely challenging and should take into account a number of factors, including income taxes, other income-producing assets, your overall health, and your estate plan.
*Click anywhere in the article to download the PDF*
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H&S Companies, together with HS&C Wealth Management, as well as Parmenter O’Toole, will be presenting on important retirement issues. We’ll be talking about how to retire with confidence, how to properly use your income in retirement, and how to plan your legacy. We’ve brought together 3 financial professionals to answer your questions about retirement, taxes, estate planning and more! RSVP information is below – hurry, it’s next week Tuesday at the Frederik Meijer Gardens in Grand Rapids! Download the invitation below for more details…
Kindly RSVP to Stephanie Anderson, Email or 616.456.6550
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The Social Security Administration (SSA) announced earnings and benefits statements are now available online at socialsecurity.gov.
“Our new online Social Security Statement is simple, easy-to-use and provides people with estimates they can use to plan for their retirement,” Commissioner Astrue said in a press release on the SSA’s website. “The online Statement also provides estimates for disability and survivors benefits, making the Statement an important financial planning tool. People should get in the habit of checking their online Statement each year, around their birthday, for example.”
The SSA advised people to check their Statements to ensure their earnings look correct. Social Security benefits are based on an average of earnings contributed throughout a wage earner’s lifetime; so confirming that your gross wages are accurate is important.
In February 2012, the SSA also announced they would resume mailing paper Statements to workers over age 60. They plan to begin mailing these to workers age 25 and older later this year.
To view the new tool, visit: socialsecurity.gov/mystatement
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The Social Security Office of the Chief Actuary is projecting that the Social Security wage base will increase in 2013. Currently, wage earners are required to pay Social Security tax on wages earned up to $110,100. The base is expected to increase to $113,700 in 2013. The graph to the right shows the Social Security Administration’s intermediate forecast for wage base increases through 2020. Please keep in mind, these forecasts are subject to change because the actual annual increases are released each October for the upcoming year, and are based on economic conditions at the time.
Additionally, the Chief Actuary projected that Social Security will run out in 2033, rather than 2036, as previously expected. This conclusion is based on a number of factors including the aging baby boomers and the increase in life expectancy.