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Retirement, Social Security, Medicare and Long Term Care Benefits

We typically spend the first thirty years of our adult lives gathering assets which we'll consume during the last thirty years of our lives.
Reaching our 60's and retiring from work often require us to make a number of important decisions in a short period of time that will impact the rest of our lives.
Retirement - Should we take early retirement or wait? Do we elect a pension benefit for our life alone or do we cover a spouse's life as well? What do we do with our 401k...
convert it to an IRA or leave it where it is? If an IRA do we leave it as is or convert to a Roth? Social Security and Medicare - Deciding when to begin retirement benefits is tricky business and it can get pretty confusing if you don't have an attorney to help you maximize benefits.
Here are some points regarding Social Security you must keep in mind when discussing retirement planning with your attorney.
•Retirement benefits increase by percentage points if you delay your retirement age to 70.
You can begin retirement benefits at age 62.
•You don't earn any points if you delay benefits after the age of 70.
•The increase in percentage points depends on your date of birth.
•If you were born on the 1st of January then the previous year's rate of increase will apply to you.
•Do not wait for more than six months after turning 70 to apply for retirement benefits.
You can be paid only up to six months with retroactive effect.
•If you do delay accepting retirement benefits, ensure that you begin taking Medicare benefits at the age of 65.
If Medicare is delayed, it will cost more for some people.
•You can make a decision about delaying retirement benefits if you are in good health.
You can also consider delaying benefits if you come from a family with grandparents who lived into their 90s.
•Sometimes, if you continue to work or receive a pension from some types of organizations, your Social Security may be affected.
Discuss this with your attorney before Making a decision about receiving retirement benefits.
•Also consider if you are eligible to receive benefits on another person's behalf as a spouse, widow, widower, dependent etc.
Long Term Care - about 70% of us will need LTC before we die.
If our financial plan has enough to provide for our living expenses for the thirty plus years of our retirement, does it also have enough to cover an additional $60,000 per year if one spouse needs LTC and the other remains in the house? Questions like these affect your financial well-being for the rest of your life.
This is one of the most important times to work with your attorney, tax and/or financial advisor to ensure that the best informed decisions are being made.

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