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How to get prepared for Retirement ? Tips for US CITIZENS on Retirement Planning

Retirement planning

How to get prepared for retirement? Tips for US Citizens on RETIREMENT PLANNING :

The Four major needs of your retirement phase in your retirement planning are:

Benefits from
1. Pensions,
2. Savings
3. Investments, and
4. Social Security benefits.

Personal Social Security Statement:

In USA ,to help you on retirement planning , each year you will receive a your personal Social Security Statement, which gives you an estimate of the monthly benefit amounts you and your family may qualify for now and in the future.

Please visit For further assistance on retirement planning .

Once you've reviewed your Statement, you may want to explore a variety of retirement possibilities using a range of assumptions about your future earnings or when you stop working or ending the career. Here starts your first phase of Retirement planning.

You can do that with any Retirement Planner.

Benefit estiamator:
The Planner not only tells you how to qualify for Social Security benefits, but it also includes Benefit Calculators that help you calculate your own benefit estimates and aid your Retirement planning.

Lead time:

Generally, you should apply for retirement benefits three months before you want your benefits to begin. Even if you don't plan to receive benefits right away, you still should sign-up for Medicare three months before you reach age 65.

If you were born before 1938 and you meet all other requirements, you can receive benefits beginning with the first full month you are age 62.

However, if you choose to begin receiving benefits before age 65, your benefits will be reduced to account for the longer period over which you'll be paid.

If you were born after 1937, you also could have started your Social Security benefits as early as age 62, but your full retirement age is more than 65. To find out what your full retirement age is, use the Retirement Age Chart at

Filing Medicare:

If you decide to wait until you reach full retirement age, you still should file for Medicare three months before your 65th birthday.
Choosing the month you start to get benefits is an important decision and a vital element of your Retirement planning..

For Immediate need:

If you plan to retire anytime in the next 12 months, make an appointment now to talk with a Social Security representative.
Any representatives will be glad to discuss it with you and answer any questions you may have. Or review your retirement options online.

Online Application:
You can apply for retirement benefits online, but not for Medicare.

To apply for retirement benefits, just connect to the Internet Retirement Insurance Benefits application and follow the instructions.

How to Apply?:
To apply for Medicare, call or visit your local Social Security office.

Or you can make an appointment for your application to be taken over the telephone or in person at a convenient Social Security office.
If you're deaf or hard of hearing, call our toll-free TTY number, 1-800-325-0778, between 7 A.M. and 7 P.M. Monday through Friday.

When you apply for benefits, You need to have the following details and documents which should have been a part of your Retirement planning prepardness. :

• Your Social Security number
• Your birth certificate (if you don't have a birth ertificate, you can get one from the State where you were born. See Where to Write for Vital Records for details on where to write)
• Your W-2 forms or self-employment tax return for last year
• Your military discharge papers if you had military service
• Your spouse's birth certificate and Social Security number if he or she is applying for benefits
• Children's birth certificates and Social Security numbers, if they're applying for children's benefits
• Proof of U.S. citizenship or lawful alien status if you (or a spouse or child applying for benefits) were not born in the U.S.
• The name of your bank and your account number so your benefits can be directly deposited into your account.
You need original documents or copies certified by the issuing office.

You can mail or bring them to a Social Security office. Upon photocopying , they will return your documents.

DoNot Delay:
Don't delay your retirement just because you don't have all the documents that are needed--the people in your local office will help you.

Remember to tell them whenever there's any change in your life circumstance that affects your benefits. For example, you should notify if you:

• Move
• Marry or divorce
• Change your name
• Learn your estimated earnings will change
• Change your Direct Deposit accounts
• Adopt a child
• Are no longer caring for a child who receives benefits
• Are a non-citizen and your status changes
• Start getting a pension from work not covered by Social Security
• Get both Social Security and Railroad Retirement benefits
• Leave the United States for more than 30 days
• Become unable to manage your funds
• Are convicted of a criminal offense


Published: 2006-05-10
Author: Chockalingam Eswaramurthi

About the author or the publisher
Iam a Professional writer dedicated to sharing the knowledge on topics of Public interest, be it Management , Leadership , Social service , World Politics , Personalities , Industries , Health , Computers , Policy making , Governments , Book review etc., Iam from Singapore . My e mail id is :

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