To enjoy a comfortable retirement when you’re not especially wealthy you are going to have to engage in some intelligent long-term planning. Given enough time to accumulate sufficient resources most people who are fortunate enough to advance along a fruitful career path should be able to make their golden years a time to truly remember.
If you are not a financial planning expert in your own right, to make your retirement vision a reality you may want to develop a relationship with a retirement planning attorney.
This having been stated, even if you are wise enough to develop a good store of retirement savings and perhaps some additional income streams, Social Security may play a role your retirement plans. At the present time full retirement age in the eyes of the Social Security Administration is 66 for people who were born between 1943 and 1954. It rises after that by two months each year until 1960. Individuals who were born in 1960 and later become eligible for their full Social Security benefit on their 67th birthdays. Everyone becomes eligible for Medicare when they turn 65.
However, the above parameters are subject to change and we may well see some alterations in the near future. As everyone with a pulse knows, we are in the throes of a federal debt crisis that is driving the political discourse in Washington. Politicians from both sides of the aisle are calling for spending cuts, and in fact cuts have already been mandated. Social Security has been targeted, and one simple way to cut Social Security spending would be to raise the full retirement age. They could potentially do this with Medicare as well.
So, if you are looking forward to your retirement Social Security is something that is relevant to you, and you would do well to pay close attention to any cuts to the program that may be forthcoming.