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Plan Your Retirement
By Jinky C. Mesias, Fri Dec 9th
The retirement program of the Social Security in America hasbeen an essential part of most American. The Social Security hasbeen around for more than 68 years and has already givenmillions of benefits to countless retired workers. Moreover,Social Security also provides financial support especially toworkers who have been disabled and could no longer work. Asidefrom that, Social Security also provides financial aid tofamilies of workers who died. However, Social Security is not free, that is why it is of greatimportance to plan and set your finances straight. Remember itis always better to be prepared rather than be caught off guardwhen the needs for social security arise. Most of the peopletoday live longer lives and such is the outcome of healthierliving however, this would also mean that they would be spendingmore time in retirement. With this in mind, it is better toprepare more money for social security. Some financial gurusrecommend that we prepare for our future retirement withcombination of Social Security as well as private pensions andalso some personal savings. In addition, Social Security is alsocoupled with Medicare Hospital Benefits that automaticallystarts when a person reaches the age of 65. Most of you are probably thinking just when is the right time toretire. Well, it depends on the person or the worker just whenhe wants to retire however, there are some pros and cons inretiring. For those who wants to have their early retirementbenefits let just say at age 62 which is considered
to be anearly age for retiring the benefits are reduced a fraction of apercent for each month before the full retirement age. But as ageneral rule, early retirement will provide retirees withabsolutely the same total Social Security benefits over theretirees lifetime however, in smaller amounts in considerationof the longer period the retirees are going to received theirbenefits. There are disadvantages as well as advantages intaking your benefits before the actual retirement age. Theadvantage of early retirement is that retirees will be able tocollect their benefits for a much longer period of time. Thedisadvantage of early retirement is that the benefits arepermanently reduced. On the other hand, for Social Securitydisability benefits members are entitled to receive theirdisability benefits for as long as their condition keeps themfrom working. However, the Social Security will conductvisitations in order to see whether there have been improvementsin the condition of the member. Furthermore, if ever thedisability continues wherein the member reaches the fullretirement age, the disability benefits will be automaticallyconverted to a retirement benefit of the same amount.
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