Parman & Easterday

Premier Business, Estate
and Elder Law Attorneys

Call Now: (405) 843-6100
(913) 385-9400

Attend a Seminar
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • What Our Clients Say
  • Estate Planning
    • Asset Protection
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • IRA and Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Powers of Attorney
    • Probate
    • Special Needs Planning
    • Trust Administration and Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law
    • Emergency Medicaid
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Edmond Elder Law
        • Oklahoma City Elder Law
        • Overland Park Elder Law
    • Estate Planning
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Elder Law Questions
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning Frequently Asked Questions
      • Trust Administration & Probate Frequently Asked Questions
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • Probate Checklist
      • Probate Resources
        • Moore Probate
        • Oklahoma City Probate
        • Overland Park Probate
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Published Books
  • Communities We Serve
    • Kansas
      • Johnson County
        • Fairway, KS
        • Mission, KS
        • Overland Park, KS
        • Shawnee, KS
      • Wyandotte County
    • Oklahoma
      • Edmond
      • Moore
      • Norman
      • Oklahoma City
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us

How Old Should You Be When You Retire?

March 12, 2019 by Larry Parman, Attorney at Law

Our #1 goal is your financial security.  Oklahoma City elder law attorneys can help you create a Oklahoma City elder law attorneyscomprehensive retirement plan that will ensure you are financially secure as a senior. It is imperative that you take proactive steps to prepare for a financially secure retirement because you want to be able to support yourself without worry during your golden years.

Parman & Easterday can assist you with setting retirement savings goals, making a plan to invest in accounts that minimize taxes, and taking steps to protect assets as you age. You should give us a call to find out the ways in which our Oklahoma City elder law attorneys can help you to prepare for retirement.

How Old Should You Be When You Retire?

Deciding what age to retire can be a difficult decision, but it is important that you consider all of the key issues. When deciding when to retire, you should think about how you will maintain social connections. Many older retirees experience health issues resulting from loneliness or resulting from feeling as if their days do not have a purpose. You should make plans to stay connected to your community and stay involved with activities you love.

You also need to consider how you will support yourself financially. Seniors typically rely on Social Security to provide a substantial portion of their income. However, you do not want to rely on Social Security as your entire income, as Social Security benefits are not designed to be your sole source of support. Experts often say Social Security benefits will replace around 40 percent of your pre-retirement income.  You’re likely to find that estimate too high.  Most experts recommend you have around 70 percent to 80 percent of pre-retirement income to live on.

The amount of Social Security benefits you receive will be impacted by the age at which you retire. This should generally be a consideration when you decide how old you need to be before you leave the workforce. You become eligible to retire and claim Social Security benefits as early as age 62. However, your full retirement age is much later. If you were born after 1960, your full retirement age is 67. If you retire before full retirement age, benefits are reduced by 5/9 of 1 percent for each of the first 36 months you retire before 67.  They are reduced by an additional 5/12 of 1 percent of you retire more than 36 months before your full retirement age (FRA).

The benefits reduction from retiring early could be as much as 30 percent if you retire at 62 instead of waiting to claim Social Security until 67. And, if you wait even longer and do not begin claiming retirement benefits until you are 70, benefits actually increase for each month you delay between your full retirement age and your 70th birthday.

When you retire young, you not only reduce your Social Security benefits but you also need to begin relying on your savings sooner and will need to rely on your savings for longer. This means you need a more substantial nest egg if you do not want to run out of money later on in your life.

Unfortunately, many people do not get to retire at their desired age. While people often plan to work later in life, even to age 70, it is common to retire at 62 or 63. These are common ages to leave the workforce because many people start to experience health issues at this time that prevent them from continuing to work.  It can also be difficult to find a good paying job this late in life, even with laws prohibiting age discrimination.

You need to make sure you have enough money saved to support you, especially if you have to retire when you are younger than planned. Parman & Easterday will help you to take advantage of tax breaks during your career so you can save enough to retire.

Getting Help from Oklahoma City Elder Law Attorneys

Oklahoma City elder law attorneys at Parman & Easterday can provide the personalized help you need to be prepared for retirement. We can work with you to understand the rules for investing in Individual Retirement Arrangements, which either allow you to invest with pre-tax dollars or which allow your money to grow tax free.

To find out more about how our firm can help with all of your retirement planning needs, and with protecting your retirement assets, join us for a free seminar. You can also give us a call today at (405) 843-6100 or (913) 385-9400 or contact us online to get your personalized retirement planning process underway.

  • Author
  • Recent Posts

Larry Parman, Attorney at Law

Latest posts by Larry Parman, Attorney at Law (see all)

  • Can I Disinherit Someone? - December 5, 2019
  • How Is Incapacity Determined in Oklahoma? - December 3, 2019
  • Planning to Enjoy Thanksgiving - November 28, 2019

Filed Under: Financial Planning

Other Articles You May Find Useful

elder law attorney
An Elder Law Attorney Helps You Understand Sources of Income in Retirement
Overland Park elder law attorneys
Overland Park Elder Law Attorneys Explain Things to Consider Before Deciding When to Retire
elder law attorneys
Understanding How Social Security Works to Fund Your Retirement
oklahoma city elder law attorneys
What To Know About Funding Retirement With Social Security Benefits
Oklahoma City elder law attorneys
Factors To Consider Before Retirement
Overland Park elder law attorney
Why A New Job Means It Is Time to Talk with an Overland Park Elder Law Attorney

Download our free estate planning checklist

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

 

Subscribe to Our Blog

Upcoming Seminars

  • Wills, Trusts & Long-Term Health Care Planning: Discover How to Protect Your Income and Nest Egg and Provide for Your Loved Ones
    • Shawnee
    • The Regency Skilled Nursing & Therapy
    • Thursday, December 12, 2019
See all seminars

Follow Us

  • Facebook
  • Twitter
  • YouTube

Where We Are

OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
Oklahoma City, OK 73134
Phone: (405) 843-6100
Fax: (405) 917-7018
parman_sidbr_map

Where We Are

OVERLAND PARK, KS
10740 Nall Avenue, Suite 160
Overland Park, KS 66211
Phone: (913) 385-9400
Fax: (913) 385-9422
parman_sidbr1_map

Office Hours

Monday9:00 AM - 5:30 PM
Tuesday9:00 AM - 5:30 PM
Wednesday9:00 AM - 5:30 PM
Thursday9:00 AM - 5:30 PM
Friday9:00 AM - 5:30 PM
footer-logo

The information on this Oklahoma Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys


© 2019 American Academy of Estate Planning Attorneys, Inc.
  • Facebook
  • Twitter
  • YouTube