It seems obvious enough — you become eligible to receive Social Security benefits at age 62, so you should take that money as soon as you can to get the most possible. Not so fast…
Becoming eligible at age 62 is only the tip of the iceberg. We’ve crunched the numbers and have seen that delaying receipt of Social Security benefits can dramatically increase a person’s lifetime benefit amount. In fact, waiting to age 70 (when benefit amounts maximize), can result in an increase of 24 percent or more in your monthly benefit.
But that doesn’t mean you have to keep working. Depending on your specific situation, you may be able to stop working and use money from other investments as income while you wait. Having a retirement income strategy well before your retirement years can help you stop working when you want and continue living comfortably.
You’ll need to begin by asking some important questions:
• When do I plan to stop working?
• What will my income need be at significant ages like 62, 68 and 70?
• What do I believe is my life expectancy?
• What are my other sources of income?
• What is my overall long-term risk tolerance?
When you’re ready to begin considering your retirement funding options, contact your financial agent. He or she can help you create a retirement strategy that fits your needs.
Let us protect your property
Before a storm does damage to your property, connect with your Farm Bureau agent to ensure you’ve got the best insurance coverage for your needs. And remember, with Farm Bureau Member’s Choice coverage, if a storm damages your home, car, boat and garage, you only pay one deductible.
You might also consider adding these optional coverages that can provide value in the event of storm damage:
Water backup. Your homeowners insurance will not protect against things like sump pump overflow. Water backup coverage can protect your floors, furniture and valuables in the event your sump pump fails during the storm.
Rental car reimbursement. This optional coverage will refund the cost of a rental vehicle while your storm-damaged car is being repaired.
Identity services and fraud expense coverage. If your home is damaged or destroyed during a storm, this coverage will provide assistance in replacing valuable documents that may be lost. It will also protect your identity in case lost documents fall into the wrong hands.
Visit www.FBFS.com/Weather to take our wicked weather preparedness quiz and learn the differences between weather watches and warnings.
Information provided by David Finneseth, agent, Farm Bureau Financial Benefits, 1009 Willis Ave., 515-465-2005, email@example.com.