Retirement planning can be daunting for many Americans, especially when it comes to applying for Social Security retirement.
Retirement ( Photo: CNBC )
With the minimum age for retirement in the United States being 62, it is up to the individual to decide when to retire based on their retirement plan.
However, mistakes can be made that can ruin the experience. Social Security benefits are determined by several factors, including retirement age, salary as a worker, and years worked. Failure to control these factors can greatly impact our retirement.
The biggest check possible is essential for a comfortable retirement, and this can be achieved by working for at least 35 years at a good salary and applying for Social Security at the age of 67 to receive 100% of the money contributed.
Not having savings as a retiree is a huge mistake. Saving as much money as possible during our working years can help reduce our dependence on Social Security payments. While it is not necessary to save a large sum of money each month, saving some of our salaries for 35 years of work can result in a substantial amount in the end.
It is also important to take Medicare into account when planning for retirement.
From the age of 65, we can apply for Medicare, and if we are already retired, we will receive it automatically. However, if we plan to apply for Social Security at age 67, we must apply for Medicare first. Failure to do so can result in significant medical expenses.
By avoiding these three common mistakes, we can have a good retirement. While reaching a monthly check of $4,555 may be difficult, it is not impossible.
However, by being mindful of these mistakes, we can still enjoy a comfortable retirement. Remember, paying attention to the details of our retirement plan can make all the difference in the long run.
READ ALSO: Eligible Americans To Receive $350 Payments Under New Lenox Property Tax Refund Program
