The population of the United States is aging rapidly as the baby boomers are now reaching retirement age. Studies are showing that a significant percentage of these individuals have not made the appropriate preparations for their golden years and many of them say that they will never be able to retire.
Without question it is important to use foresight if you want to retire in comfort. Most people are going to have to pay close attention to their actions over the years and work within an intelligently conceived framework to be able to get to where they need to be once they reach the typical retirement age.
Understanding Social Security is part of the process, and we would like to take a look at a couple of spousal benefit details.
The amount of your benefit is determined by your contributions into the program, so the more money you earned over the years the higher your benefit will be.
You and your spouse will each receive your own respective earned benefit unless one of you is receiving less than half as much as the other. If this is the case that lower benefit will be increased to equal one half of the benefit that is being drawn by the higher earning spouse.
Should one of you pass away, the higher the two benefits will be paid to the survivor.
Retirement can be one of the best periods of your life if you have the necessary financial underpinning to take full advantage of your free time. If you recognize this fact you may want to take action right now to arrange for a consultation with a Hartford retirement planning lawyer who has a solid track record helping clients realize their retirement dreams.