Oklahoma City elder law attorneys assist you in planning for a secure retirement and aid seniors who are getting ready to retire. Retirement can present financial challenges so it is best to be prepared by making plans to save money throughout the course of your career. Parman & Easterday can help you use tax-advantaged accounts the such as IRAs to protect your wealth.
It’s important to ensure you are financially ready before you decide to retire. If you are thinking about leaving the workforce, reach out to the Oklahoma City elder law attorneys at our firm for insights into the financial issues you must address before you hand in your notice.
We provide personalized advice, so give us a call today. You can also read on to discover some of the key issues you should think about before retirement.
How Will Your Social Security Benefits Be Affected by Retirement?
Before you decide to retire, you need to determine the impact this could have on your Social Security benefits. For around half of married couples and 71 percent of singles, Social Security will make up at least 50 percent of income according to the Social Security Administration. You need to know how to maximize your Social Security benefits if you’ll be relying on them.
Your Social Security benefits are based on a formula that incorporates your average wages over 35 years, adjusted for wage growth. If you don’t work at least 35 years, you’ll have some years with no earnings and this will bring down your average wage. Your age at the time of retirement also impacts the amount of your benefits. If you retire before full retirement age (FRA), which is 67 if your birth year was after 1960, the benefit you’ll receive is reduced by 5/9 of one percent for each month prior to FRA up to 36-months. If you retire more than 36 months before FRA, your benefits will be reduced by an additional 5/12 of one percent.
If you delay retirement and claim benefits after FRA, benefits will continue to increase up to age 70. By delaying your retirement, you can increase your monthly income.
Will Your Investments Be Enough to Supplement Your Income?
Social Security is often not enough for people to live on, even if they receive the maximum benefits possible for their circumstances. You’ll need additional retirement income to have enough money to be financially secure. Parman & Easterday can help you build a nest egg throughout your career by helping you set retirement savings goals and make effective use of tax breaks available to you if you invest in a 401(k).
How Will You Pay For Medical Care During Retirement?
Medicare covers some medical care for a senior, but there are many exclusions including vision and hearing coverage. Medicare also has high coinsurance costs and copays and you typically pay a premium for Medicare Part B coverage. If you buy optional supplementary coverage, you will pay additional premiums. You need to make sure you have a plan to cover the costs of health care, which can be substantial for a senior.
Medicare doesn’t pay for custodial nursing home care, which is routine assistance to help with activities of daily living. Medicare only pays for skilled nursing care if you meet very specific criteria and then only for a very short time. You need a plan for how you will get your nursing home paid if you need to move into one. Having a Medicaid plan could be helpful in ensuring you can afford the care you need.
Getting Help From Oklahoma City Elder Law Attorneys
Oklahoma City elder law attorneys at Parman & Easterday can help ensure you are fully prepared for a secure retirement. Whether you need assistance saving for retirement when you are younger or want help understanding how to make retirement savings last as a senior, we are here to support you.
To find out how our firm can help you achieve more security as a senior, join us for a free seminar. You can also call today at (405) 843-6100 or contact us online at any time to get personalized help and advice specific to your situation. Call today to get your retirement plans in place.