We are seeing more people take early retirement as the economy appears to worsen. The Social Security Administration is reporting a major surge in early retirement claims. Many of these people are probably laid-off workers who are claiming Social Security benefits early despite having to take reduced benefits because they are under immediate financial pressure.
If you are planning on retirement, or being forced into early retirement, there are several things that you need to know about your retirement needs. Experts estimate that you will need about 70% of your pre-retirement income to maintain your standard of living after you retire. Lower earners will need 90% or more.
Social Security pays the average American retiree about 40% of pre-retirement earnings meaning that you need to have savings, investments, or a part-time job to replace the 30 -50% that you will need to maintain your current standard of living.
Here is a list of sites and publications that will help you research and plan your future.
Choosing a Retirement Solution for Your Small Business
Filing a Claim for Your Retirement Benefits
Savings Fitness: A Guide to Your Money and Your Financial Future
Taking the Mystery Out of Retirement Planning
What You Should Know About Your Retirement Plan
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