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Enjoy Retirement e-Zine, Volume 1 Issue 1 -- Retirement Ages affect Social Security
January 08, 2010

Table of Contents:

  1. Editor's Comments
  2. Readers' Questions & Answers or Suggestions
  3. Social Security Retirement Ages

Editor's Comments:

Welcome to the new year and the inaugural issue of Enjoy Retirement e-Zine. Our mission is to provide a fun, enjoyable experience to help you achieve your ideal retirement. This e-Zine is set to be a complement to our website

From time to time we will present a number new, thought provoking items for you to consider. We want to address, not only the income producing jobs one may want to obtain during retirement, but also the fun, satisfying non-paying jobs. Other aspects of retirement such as health, security, money, education and satisfaction of retirement life will be addressed.

Readers' Questions & Answers or Suggestions

We encourage all of our readers to ask questions about any of the topics presented or provide suggestions on areas they would like to have covered. Please use our Contact Us page.

Social Security Retirement Ages

One of the most popular pages on our website is the one devoted to clarifying the amount of social security one would receive based on your age at the time of retirement. We felt it was appropriate to discuss that in this newsletter for future clarification.

Most people realize that taking retirement before full retirement (meaning age 66 for most boomers) will result in a reduction in the amount that they will receive. However, it may be surprise to some that 25% of your full retirement amount can be lost if you claim benefits starting at age 62. So if you were to receive $1,000/month at full retirement, you would only qualify for $750/month at age 62.

Yes, you get income earlier, but you will not receive as much of an annual increase annually, due to reduced base of your starting amount. The Social Security website does provide a tool to allow you to find your break-even point based on your own circumstances. For instance, you may find out that you might be better off waiting until full retirement, if you expect to live past age XX. Or if you do not expect to live past XX years, that you are better off taking retirement benefits earlier.

One interesting aspect to this subject is that you can change your mind, if you have already elected to take your social security benefits. You are allowed to submit a request to Social Security to begin taking benefits at a later date, if you pay back to Social Security all of the monies that has already been paid to you. More on this is available at the social security website.

Careful consideration is required on this due to the tax consequences, but it may be a viable alternative for some individuals.

For those of us who have spouses that do not qualify for their own social security benefits, the age on which the primary worker takes their benefits has a direct impact on the amount that the spouse can qualify for. Instead of qualifying for 50% of the worker's amount at age 66, the spouse would qualify for only 35% of the worker's amount at age 62.

For additional information, please go to our SS Retirement Ages page.

We hope you enjoyed this e-Zine and we look forward to providing more interesting and fun information on retirement topics.

"When it comes to going after what you love in life, don't take no for an answer."

Happy New Year.

Don D'Armond

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