Book Recommendation: Social Security Income Planning - The Baby Boomer's Guide to Maximize Your Retirement Benefits
Every since I was a young woman, people predicted that Social Security would not be around when I reached my sixties. They were all wrong. Not only is Social Security still around, but today I am actually collecting it. In addition, while it is not my only source of retirement income, it is a significant source. I would not be enjoying my retirement nearly as much if it were not for my Social Security benefits.
Most people believe they know everything there is to know about Social Security. In addition, they believe that the employees of the Social Security Administration will help them decide the best way to collect their benefits. Those people are wrong on both counts.
In a recent study, only 20% of people were able to answer common questions about Social Security. Very few people realize that there are over 2700 different rules that affect your benefits. These rules can make your decision extremely complicated. At what age should the primary breadwinner in the family start collecting their benefits? Age 62 ... 66 ... 70 ... or somewhere in between those ages? At what age should their spouse, or former spouses, collect their benefits? Do you understand the benefit of file and suspend?
In addition, if you think the employees at the Social Security Administration will advise you on the best options, you are sorely mistaken. They are not allowed to advise people when they apply for their benefits. Recipients are on their own. To make matter worse, once you have begun to collect your Social Security benefits, you CANNOT go back and change your mind.
After reviewing several books on Social Security, this is the best and most current book on the subject that I could find. I highly recommend that everyone read it ... whether you are 10, 20 or 30 years away from retirement. In fact, every adult needs to understand their Social Security benefits because those decisions may affect the other investment choices they make along the way.
HERE ARE MORE RESOURCES TO HELP YOU PLAN A SATISFYING RETIREMENT:
This book has a unique approach to retirement planning and I highly recommend it. It will inspire you and help you decide what you want to do with all the free time that you may have after you retire.
There are so many decisions you need to make when you retire ... where you will live, how your relationship to your spouse and adult children will change, health issues that could come up, retirement jobs to supplement your income, and so much more. You can either follow my retirement blog at www.baby-boomer-retirement.com or use this link to subscribe to it on your Kindle. Either way, I look forward to your questions and comments. There are already hundreds of helpful articles on this blog, with more being added every week.
Get an overview of retirement planing ideas. Having a plan, and sticking to it, is a great way to reduce your financial stress.
Last updated on August 10, 2014
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