FOOTLOOSE AND…
Shocking as it may seem I recently heard a statistic, on the radio, that claimed 36 percent of our population had no financial plan on how to handle retirement. Let’s hope that is an exaggeration. But, if you have Social Security, you should be knowledgeable about its workings to plan your future.
Now, in 2014, for a worker who retires at full retirement age (FRA), the full benefit would be $2,642 monthly or $31,704 annually. If the worker retires at age 70 in 2014, the maximum benefit would be $3,425 monthly or $41,100 annually.
If our typical worker candidate was born from 1943 to 1960, the age at which full retirement benefits are payable increases gradually to age 67. Retirement age is 66 for those born from 1943 to 1954…. but FRA is 67 for anyone born in 1960 or later. Yet for those born between 1955 and 1959, it is somewhere in between 66 and 67. Somewhat murky…
Want to make heads and tales out of your personal situation from the source? Log on to www.ssa.gov for a comprehensive evaluation by the experts. Meanwhile, if you do not have a plan for your future, today is a great day to start thinking about it!
