Tips for Planning for Retirement

There are many things to consider as you prepare for retirement. Enrolling in savings plans, understanding how your age can affect your benefits, and learning about Social Security and available benefit programs are just a few ways to help you plan for your financial future.

Make saving a priority.
In a recent survey done by The Federal Reserve, 28 percent of non-retired adults indicated that they have no retirement savings or pension. Start saving early so you can enjoy a comfortable and secure retirement. The retirement savings plan available through your employer is critical to your future financial security. Ask your employer for information on how your plan works and check your plan regularly to ensure you’re staying on track. If you don’t have access to a retirement plan at work, consider opening an individual Roth IRA account to start saving. Ask questions of your employer or a financial advisor to understand your options.

Find out when to apply for benefits.
The earliest age you can collect Social Security retirement benefits is 62. Your benefits will be reduced if you start collecting before you reach your full retirement age. Confirm your full retirement age through the Social Security Administration (SSA) and find out if you are eligible for any of the benefits administered by the SSA by taking their Benefit Eligibility Screening Tool questionnaire.

Medicare is health insurance for people 65 or older. It is recommended that you sign up for Medicare three months before the month you turn 65. Visit Medicare.gov for information on the available plans and how to apply. If you began working for the Federal government after 1984, you may be covered by the Federal Employees Retirement System, a retirement plan providing benefits to federal employees.

Learn what factors may affect your benefits.
Before deciding when to start collecting retirement benefits, consider your age and health. According to the U.S. Census Bureau, people are living longer, which means the length of your retirement could be longer. You may choose to delay starting your benefits until full retirement age or later to ensure benefits last through retirement. On the other hand, you may decide to start your benefits earlier if your health is in poor condition.

You can find more retirement information on Benefits.gov by using our Benefit Finder questionnaire to help identify benefits you may be eligible to receive.  

Social Security Retirement
Medicaid/Medicare