While you may have to prioritize things that are taking place in the present it is also important to keep an eye on the future. The baseball manager Dusty Baker is credited with saying “The measure of intelligence is the ability to hold multiple thoughts in mind at the same time (or something to that effect).” This ability comes in handy on a financial planning level.
As you are looking forward toward the future and setting a retirement date one of the things that you need to know is your age of Social Security and Medicare eligibility. Some people are surprised to find out that they are not one and the same.
Right now everyone who has paid into the program sufficiently becomes eligible to receive Medicare at the age of 65. However, the age of Social Security eligibility varies. It is determined based on the year of your birth.
For people born between 1943 and 1954 the age of eligibility is 66. It then rises by two months per year, so if you were born in 1955 you become eligible when you are 66 years and two months old; someone born in 1956 would become eligible to receive his or her full benefit at the age of 66 years and four months.
The age of full eligibility graduates in this manner until 1960. Individuals who were born during this year or after become eligible to receive their full Social Security benefit at the age of 67.
Though Social Security will certainly help it will not be enough to provide a truly comfortable retirement for most people. The truth is that realizing the ideal retirement dream is going to take some careful advance planning and long-term financial discipline.
If you are interested in devising a cogent plan that leads to the fruition of your retirement goals, take action right now to set up an informative consultation with a seasoned and savvy Willoughby OH retirement planning lawyer.