Planning for retirement is key while your young and able. Storing up your hard earned money allowing for time to grow your nest egg. There are no guarantees that Social Security will even be a meaningful source of income. If your approaching 50 years of age hopefully you have already laid the foundation for this season of life and now you need only to review what you have in place and preserve what you have accumulated. All the while, making sure you don’t outlive your resources.
Understanding when to take your Social Security benefits can make the difference between a thousand dollars or more income annually. More importantly, taking your required minimum distributions (RMD), from your qualified retirement accounts (IRA’s) could mean the difference between being taxed at an ordinary rate of income or at a hefty 50% . Whether you inherit or own an IRA, RMD’s must be taken at the age of 70 1/2 . There is only one exception to this rule and that is if your still employed and have your plan through your employer. You can delay your distribution till April 1st of the year after you retire.
Check out the Social Security Website to learn how to calculate your estimated benefits and determine when you should start taking your benefits. https://www.ssa.gov/planners/retire/index.html
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