Planning your retirement in 2013 what to consider?
Never before have retirement plans been a scrutinized until the recent global economic turmoils, stocks have plummeted to record lows and economies have collapsed. So how does one "peacefully" retire in these seemingly unpredictable times?
While you toil away at work, make sure your retirement benefits are protected. Most companies have retirement plans for their employees; small monthly deductions are made from your salary every month into the company's retirement account. For some companies, employer contributions are not added to the retirement account until maybe you have worked with the company for a specific number of years or a proportion of the benefits are based on the years of service. In such cases it might be well worth to stay working with the company for a few more months or years to get a sizeable retirement package.
Carefully plan social security claims, regularly check your statements to make sure your earnings have been recorded accurately. Also make note of how much you will receive at specific dates. Many senior citizens can claim their full security benefits at 66, those who register before 66 get a reduced social security package. Retirees can increase their monthly payments by delaying their first retirement payout until they are 70 years. You do not have to register in the year when you are to retire, just because you are nearing retirement age does not mean you should rush and get registered for social security schemes. The more you delay your retirement the larger your payout will be.
Registering early for Medicare schemes is yet another plan to consider before retirement, you are eligible three months before the age of 65. The initial period for enrollment lasts three months after your date of birth. When you do not register during this seven month period, your monthly premiums increase for a one year period you were eligible but did not enroll. If you spouse's current employer...