8 Tips for People Who Will Retire in 2015

8 Tips for People Who Will Retire in 2015

Retirement is a major life transition that requires changes to your income and lifestyle. Here are the final preparations you should be making if you plan to retire in 2015.

Decide when to sign up for Social Security. When you sign up for Social Security drastically affects how much you will receive each month. Most baby boomers are eligible to receive full benefits at age 66. If you sign up before age 66, your monthly payments are reduced, and if you delay claiming up until age 70, your payments increase. “You want to consider the penalty for taking it early and the benefit of delaying it beyond full retirement age,” says Christopher Rhim, a certified financial planner for Green View Advisors in Norwich, Vermont.

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