August Bulletin

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Planning for Retirement

When should you start taking Social Security Retirement Benefits? Should you take the benefits as early as age 62? Or at full retirement age 67? This can be a very difficult decision to make. This article will give you a couple of pros and cons in helping you weigh out your options.

Benefits at the Early Age of 62

The pros are receiving money right away and for a long period of time.

The cons of taking early age social security the amount you receive will be reduced and may have an impact on the long term financial plan. The reduction of your benefits at age 62 can be as high as 20 percent.

Benefits at the Full Retirement Age

The pros are being able to work without it affecting your social security benefits and receiving more monthly and in a shorter period of time.

The cons are not receiving the money right away and for a longer period of time.

When should you start taking Social Security Retirement Benefits? Should you take the benefits as early as age 62? Or at full retirement age 67? This can be a very difficult decision to make. This article will give you a couple of pros and cons in helping you weigh out your options.

To Do List

  • Schedule a meeting with your Personal Financial Specialist, John Grisham.
  • Ask yourself will you continue to work when receiving retirement benefits?
  • File for Medicare Benefits within 3 months of your 65th
  • Look at your family history to give yourself a better idea of life expectancy.
  • Estimate your monthly budget in retirement.

For more information please visit:

SSA.gov

 Or contact us at:

Phone: 505.338.0800

Email: Joh.Grisham@riccicpa.com

Address: 6200 Uptown Blvd. Ste. 400,

Albuquerque, NM 87110

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Our website: www.riccicpa.com

 

John (2)

John Grisham, CPA/PFS, Principal

John Grisham is a principal at Ricci & Company with 14 years of experience. Innovative and extremely intelligent, he is willing to take time for the individual needs of each client, big or small, and find the best solution for each situation.

 

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Ricci & Company, LLC
6200 Uptown Blvd., NE Suite 400 Albuquerque, New Mexico 87110 -
505 338 0800 office

Ricci & Company, LLC is a limited liability partnership and the U.S. member firm of RSM International, a global network of independent audit, tax and consulting firms. The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International.