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It is a fact that no amount is enough to secure retirement life even if you have been saving for many years. Reading the tips mentioned below can help you a lot if you are retiring this year: 1. Your retirement benefits are vested: It is easier to get the employers contribution in the retirement plan given that retirement plan is secure, moreover, the money that has been contributed in the workplace can be kept by you. There are some retirement accounts wherein you can’t keep the employer contributions till you have served the company for a particular number of years. However, there are a few retirement accounts available where without any work years eligibility you can enjoy the benefits. In case you have served the current company for a few years, it is important to find out the date after which you can avail the benefits. There is no harm in sticking around for extra weeks to get a bigger retirement payout. 2. When to Claim Social Security: Do you know that about one million people have successfully downloaded the Social Security statement available online since 2012. Downloading you Social Security statement from the internet to make sure that all the earning mentioned are accurately posted is a good practice. Also, check the amount that you are entitled to receive from Social Security at different dates. It is not an intelligent decision to take retirement in the year when Social Security is received. To avail the delayed retirement credits it is best to claim the Social security between 62-70 years of age. 3. Secure the savings: It is high time to start thinking of protecting the wealth rather than increasing wealth as this practice will pay you well after retirement. Do not take risks when your retirement age is drawing near, it is best to play safe or take advice from experts about planning the retirement portfolio. As soon your life will change and you won’t be having source of stead income, it is better to protect it Save the money as the source of collecting it won’t be anywhere near. 4. Enroll for Medicare Timely: Three months before turning 65years old you can get yourself enrolled to Medicare. The early enrollment is valid for only three months. In case you fail to sign up during this period the monthly premiums will go up by almost 10%. You need to sign up for Medicare eight months before the retirement age, in case you are already insured in group insurance with your spouse and employers. 5. Have a plan to spend your assets: It is important for all the retirees to have a plan on how they will convert retirement savings into a source of income. Don’t use major chunk of your savings in the very initial stages. Relying on the net benefits for executing the plan is advisable. Have a plan ready to how you will use the assets and try to stick to the plan. Save the funds to avoid spending a lot of money on taxes. These five tips will make your life enjoyable and will also allow to live an Financially independent life. For more details please visit our site to Netbenefits or Click Here.
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