Deciding when to start receiving your retirement benefits from Social Security is a decision that only you can make, and you should make that decision with as much information as possible. There are a lot of important questions to answer. Should you claim benefits earlier and get a smaller monthly payment for more years? Or should you wait and get bigger monthly amount over a shorter period?
There are no right or wrong answers, but consider these four important questions as you plan for your financial secure retirement:
- How much money will I need to live comfortably in retirement?
- What will my monthly Social Security retirement benefit be?
- Will I have other income to supplement my Social Security benefits?
- How long do I expect my retirement to last?
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- Ask students to survey retired individuals or people close to retirement to obtain information on the main sources of retirement income.
- Ask students to survey local businesses to determine the types of retirement plans available to employees.
- What types of retirement income should be the main emphasis of a retirement program?
- What actions might be appropriate by government and individuals to guarantee the continuing financial stability of the Social Security program?