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There are a number of strategies for managing your post retirement income sources. One idea, which I discussed earlier, is to postpone taking Social Security until you reach age 70. A five-year delay is worth about 35 percent more in monthly benefits. You may want to consider buying a five-year immediate annuity to replace the income you are electing to defer from Social Security.

If at all possible, make sure that you avoid penalties on withdrawals from your retirement plans. (more…)

Another old adage says that we should learn from the mistakes of others. When it comes to retirement planning, there are many legal, tax, and retirement saving mistakes you can make as a business owner, retirement plan trustee, or plan participant. (more…)

How much do you need? How much do you already have? How much time do you have to save? These are the questions that lead you to a successful retirement saving plan. A well-thought out and diligently followed plan leads you to your goal. This section walks you through the major steps in planning for your post-retirement financial needs. (more…)

How much money to retire do you need? How much do you already have? How much time do you have to save? These are the questions that lead you to a retirement saving plan. A well-thought out and diligently followed plan leads you to your goal. This section walks you through the major steps in planning for your post-retirement financial needs. (more…)

To receive benefits, you must first file a claim, which is simply a form saying you want to begin to receive payment. Information about how to do this must be included in the summary plan description, which you are entitled to receive within thirty days of requesting it.

You are also entitled to receive a statement of your personal benefit account, (more…)

In the simplest sense, a retirement plan is your formula for determining what you want your retirement source of income to be and how you will finance that income. That retirement money doesn’t accumulate overnight; on the contrary, you will probably have to stick to your retirement plan for most of your adult life. Working on your retirement plan is called retirement planning.

Your retirement plan involves at least three things:

Goals : The first step in retirement planning involves setting realistic goals for your retirement. You probably have a vision of what you want your retirement to be like, but you also need to have a reasonable expectation about the lifestyle you’ll have when you retire — a practical and realistic goal of what retirement can be for you. (more…)