| We typically spend the first thirty years of our | | | | can be paid only up to six months with |
| adult lives gathering assets which we'll consume | | | | retroactive effect. |
| during the last thirty years of our lives. | | | | If you do delay accepting retirement benefits, |
| Reaching our 60's and retiring from work often | | | | ensure that you begin taking Medicare benefits at |
| require us to make a number of important | | | | the age of 65. If Medicare is delayed, it will cost |
| decisions in a short period of time that will impact | | | | more for some people. |
| the rest of our lives. | | | | You can make a decision about delaying |
| Retirement - Should we take early retirement or | | | | retirement benefits if you are in good health. You |
| wait? Do we elect a pension benefit for our life | | | | can also consider delaying benefits if you come |
| alone or do we cover a spouse's life as well? | | | | from a family with grandparents who lived into |
| What do we do with our 401k...convert it to an | | | | their 90s. |
| IRA or leave it where it is? If an IRA do we | | | | Sometimes, if you continue to work or |
| leave it as is or convert to a Roth? | | | | receive a pension from some types of |
| Social Security and Medicare - Deciding when to | | | | organizations, your Social Security may be |
| begin retirement benefits is tricky business and it | | | | affected. Discuss this with your attorney before |
| can get pretty confusing if you don't have an | | | | Making a decision about receiving retirement |
| attorney to help you maximize benefits. Here are | | | | benefits. |
| some points regarding Social Security you must | | | | Also consider if you are eligible to receive |
| keep in mind when discussing retirement planning | | | | benefits on another person's behalf as a spouse, |
| with your attorney. | | | | widow, widower, dependent etc. |
| Retirement benefits increase by percentage | | | | Long Term Care - about 70% of us will need |
| points if you delay your retirement age to 70. | | | | LTC before we die. If our financial plan has |
| You can begin retirement benefits at age 62. | | | | enough to provide for our living expenses for the |
| You don't earn any points if you delay | | | | thirty plus years of our retirement, does it also |
| benefits after the age of 70. | | | | have enough to cover an additional $60,000 per |
| The increase in percentage points depends on | | | | year if one spouse needs LTC and the other |
| your date of birth. | | | | remains in the house? |
| If you were born on the 1st of January then | | | | Questions like these affect your financial well-being |
| the previous year's rate of increase will apply to | | | | for the rest of your life. This is one of the most |
| you. | | | | important times to work with your attorney, tax |
| Do not wait for more than six months after | | | | and/or financial advisor to ensure that the best |
| turning 70 to apply for retirement benefits. You | | | | informed decisions are being made. |