Wednesday, December 19, 2007

Retirement and Social Security - timing can be everything

Retirement financing is one of the most important considerations for prospective retirees, and for many Social Security is a key component of the money they will expect to get during the retirement years. Business Week offers some excellent advice on how to time your social security for maximum benefit.

Strategic concern for timing of your social security can make a difference in the total payout and benefit to you. Also, be sure to factor in other time critical financial concerns such as pensions, annuities, and IRAs.

One grim but simple question to ask yourself is "how is my health?". If you are very healthy and statistics indicate you'll live longer than the average American, you'll want to factor that into your retirement finance calculations. Some pensions and social security are based on data from "average" people in those groups. If you have reason to believe you'll be living a lot longer or shorter than average it may impact your retirement financial strategies.

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