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Retirement Golf With FriendsRetirement is something that all working Americans look forward to. It is the time in your life where you get to do all the things you wished you had time to do. But, how do you know you are ready for retirement? How do you know that your money can sustain you through a potentially long retirement? It starts with an realistic assessment of your retirement readiness. Without a plan for retirement, it can be very difficult to know if you’re doing the right things with your money which causes unplanned stress and anxiety.

Most people look forward to their Social Security Benefits when it comes time to retire. Your Social Security Benefits are based on:

1. Lifetime earnings history
2. Retirement age

But, many potential retirees are deciding to stay employed past their 65th birthday.  Postponing retirement is a common trend for baby boomers these days because there is some benefit to it.  If your full retirement age (FRA) is 66, for example, your benefits will rise by about 8 percent a year each year until you turn 70. They will not increase after that date, so there is no benefit to deferring benefits past your 70th birthday. In addition to collecting 132 percent of your FRA benefit if you wait until age 70, you would also collect any annual cost-of-living adjustments. So your “profit” for waiting each year is a return of 8 percent plus the rate of inflation.

For most people, your monthly Social Security retirement check will form a important part of your retirement income. Get our free retirement and social security life guide ( it’s part of our SAFE MONEY KIT) that can give you an assessment of retirement readiness.