Retirement Planning

MOST FREQUENTLY ASKED QUESTIONS AND ANSWERS

You can begin getting your Social Security retirement benefits as early as age 62.  However, keep in mind that the Social Security Administration will reduce your benefits by as much as 30% below what you would get if you waited to retire until your full retirement age.  This is something you should check with a professional.

This depends on the year in which you were born.  However, as a general rule of thumb, if you were born between 1943 and 1954 your full retirement age is 66.  For those born in 1955 it’s age 66 and two months.  It will gradually rise to age 67 for those born in 1960 or later.  

This depends on your goals and financial situation.  There are valid reasons for both taking Social Security early or delaying to take it.  This is something you would want to speak with an retirement advisor/expert about. 

This depends, but if you get a retirement or disability pension from work not covered by Social Security, it’s possible the Social Security Administration will figure your benefits using a different formula.  This would reduce your Social Security Benefit.  This is something you should check with a professional.

You can apply for Social Security Retirement Benefits when you are at least 61 years and 9 months of age.  You should apply four months before you want your benefits to start.

Have you already signed up for Social Security benefits before age 65? If so, you will automatically be enrolled in Medicare parts A and B and receive your card three months before your 65th birthday.  Everyone else needs to take steps to enroll, or face a lifetime late-enrollment penalty–unless you’re still working and have employee coverage.

That depends on the size of your company.  Are you or your spouse (if you’re covered by your spouse’s insurance) still working for a firm with 20 or more employees? If so, the employer’s insurance is your primary coverage, and Medicare is secondary and can fill any coverage gaps.  You won’t be penalized in this scenario, but its best to check with an expert to be sure.

No, Medicare does not pay for long term care.  Medicare will cover the total cost of skilled nursing care for the first 20 days, after which you’ll pay $170.50 co-insurance per day (in 2019).  After 100 days, Medicare will stop paying.

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