July 25, 2024

Everyone works today to keep the tomorrow secure, and this essential method of securing the future is known as retirement planning. Whenever people are found to be concerned about their retirement planning, the greatest emphasis they put is on accumulating the largest retirement portfolio that exists in the market. Going by the market standards, this is definitely the most important part as it forms to be the solid foundation of any good retirement planning.

But that is not the be all and end all of the retirement at all, believes Solomon’s Choice Capital, a reputed agency that has been helping clients make the most of their superannuation. They believe that there is much more than just having a strong retirement portfolio, and one needs to look beyond to make the most of it. Knowledge and awareness have always been the key to any financial planning, and the professional agents that knowing the following factors one can ensure to have a financially safe and secure future.

Since retirement is something that will be coming after the age of sixty, and you would be having no strength to meet your day then, it is essential you start planning for it right from the very beginning of your career. Earlier, the average life span was much less than what it is now, thanks to the medical advancements. As a result of it, people are even living for decades after retirement. Hence one should be efficiently planned to cover that extended span of their life time.

As far as the Social Security benefits are concerned, it has been very tough for the people to come out of the conventional ideas that existed half a century back. Earlier it was very easy to just wait and get sixty-five, file for the benefits and then starts receiving them instantly till one breathes the last. In spite of such a practice still existent, there are several smarter strategies available which will make the Social Security benefits lot more effective and easier.

For those who are not aware of these strategies, Solomon’s Choice Capital is at help. It is essential to know that the age of sixty-five is no longer the standard age of retirement. The Social Security Administration has been slowing but steadily increasing the age and they refer it to as the full retirement age. This is now the standard age when one starts finding the Social Security Benefits nowadays.

So how does the calculation go? Those who are born in between 1943, and 1st January 1955, the full retirement age for them is 66. Henceforth, those who are born on 2nd January 1955, and 31st December 1959 the FRA for them turns out to be 66 plus an additional period of two months for each year anyone is born after 1954. And those who are born after 1959, it’s 67 for them.

So going by these figures one must have the perception of the calculation that needs to be done prior reaching this age. Make sure you have experts at your hand to deal with it, or else your last few days might not be happier anymore in this world where dollars speak mostly the last word.

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