Retirement Planning

No, age 70 is not too late to retire from work. Many people choose to retire later in life for various reasons, such as financial security, health benefits, or personal fulfillment. It's important to consider your own circumstances and goals when deciding on the right time to retire.

It depends on the specific rules of the state pension program and the Social Security Disability Insurance (SSDI) program. In some cases, receiving a state pension may affect the amount of SSDI benefits you can receive. It is recommended to check with the Social Security Administration and your state pension program for more information on how your benefits may be affected.

Factors such as differences in life expectancy, career interruptions due to caregiving responsibilities, and the traditionally lower earnings of women compared to men can contribute to women retiring earlier than men. Additionally, women may face age-related discrimination in the workplace, which can lead to early retirement.

For someone born in 1953, the full retirement age for Social Security benefits is 66 years old. However, individuals can choose to start receiving reduced benefits as early as age 62, or delay benefits up to age 70 to receive increased monthly payments.

Retirement allows older individuals to leave the workforce, creating opportunities for younger people to enter and advance in their careers. It also helps in maintaining a healthy work-life balance and promoting intergenerational knowledge transfer. Additionally, retirees often contribute to society in other ways through volunteering, caregiving, or pursuing personal interests that can benefit the community.

Medicare covers the elderly and people with certain disabilities and end-stage renal disease regardless of income level.

Medicaid eligibility is for the poor and is based on low income, family size and a few other requirements.

Actually, they can. You only have to be poor and disabled, unable to work..that equals poor. You qualify for both. I know a few people who have both.

It is pretty common for people to have Medicaid and Medicare. This is called dual eligible. The above answer is correct in that a person must be elderly or disabled to qualify, and because a disabled person is not eligible to work they more usually qualify for Medicaid. Of course this depends on other income (ie. spousal income), and any assets. Medicare is federal program so the eligibility is the same in every state, Medicaid however is a state program so eligibility will depend on the state your daughter resides in. I used to sell Medicare Advantage plans.

My mother has been on both for over 50 years! She became disabled at age 25, and is now going on 76 years old. She has both and also had SSI to boot, but recently became ineligible because she is now in a boarding home.

The Federal Insurance Contributions Act (FICA) tax is used to fund Social Security and Medicare programs. This tax is withheld from employees' paychecks and also contributed by employers. It is divided into two parts: one portion is allocated for Social Security and the other for Medicare.

Yes, a person receiving Social Security retirement benefits can still apply for Medicaid if they meet the eligibility requirements based on disability. Medicaid eligibility is not solely determined by the type of Social Security benefit a person receives, but rather factors such as income, resources, and disability status.

As of 2020, about 37% of American workers participate in a pension plan, according to the Bureau of Labor Statistics. This percentage has been decreasing over the years as more companies shift towards defined contribution plans like 401(k)s.

Statutory retirement and receiving a state pension depends on the legislation of the country in question and varies.

A life annuity with period certain is a type of annuity that provides regular payments for life, with a minimum guaranteed period during which payments will continue, even if the annuitant dies. If the annuitant dies before the end of the guaranteed period, the payments will continue to a beneficiary until the end of that period.

The best retirement option depends on individual goals, risk tolerance, and financial situation. Common options include 401(k) plans, IRAs, Roth IRAs, and pension plans. It is advisable to consult with a financial advisor to determine the best option for your specific needs.

CA-SDI stands for California State Disability Insurance. It is a state-run program that provides partial wage replacement benefits to eligible workers who are unable to work due to a non-work-related illness, injury, or pregnancy. It is administered by the Employment Development Department (EDD) in California.

You can find out how many Social Security credits you have earned by creating an account on the Social Security Administration's website and checking your earnings record. The number of credits you have earned will determine your eligibility for Social Security benefits.

The amount of Social Security check that your wife/husband can collect based on your record depends on the age that he/she applies. At full retirement age, which is 66 for most folks retiring now, your spouse will receive half of your benefits. This amount will be less if your wife/husband starts collecting spousal benefits between ages 62 and prior to her/his full retirement age of 66. It is important to mention here that your spouse's benefit check will not include any delayed retirement credits that you have accrued. Also if your spouse will receive a pension that is not covered by Social Security, her/his benefit amount may be reduced.

Yes, you can cancel your Medicare coverage by contacting the Social Security Administration. It's important to weigh the decision carefully and consider the consequences, such as potential gaps in healthcare coverage.

The Federal Employees' Retirement System (FERS) was established in 1986, not 1956. FERS offers retirement benefits to federal employees hired after January 1, 1987, including a pension, Thrift Savings Plan (TSP), and Social Security benefits. It replaced the Civil Service Retirement System (CSRS) as the primary retirement system for federal employees.

Ontario Teachers' Pension Plan was created in 1989.

Ontario Teachers' Pension Plan's population is 800.

Around 12 million Indian citizens retire every year. The retirement age in India is typically around 60-65 years, depending on the sector and organization.

I had a lot of questions before I started my retirement plan, and franky I was lost on where to start and what was the best way. A friend suggested this free ebook by Smart Money to get me pointed in the right direction and boy I was happy he did. I learned a heck of a lot and realized that my money was not working hard enough for me to retire comfortably so I began an action plan to turn this around. here is the link its free so give it a try maybe it will give you some insight to point you in the right direction.

You can typically withdraw early retirement benefits by contacting your retirement plan administrator or financial institution directly. You may need to fill out a withdrawal form and provide proper identification. Keep in mind that withdrawing early retirement benefits may come with penalties and tax consequences.

Apply for one from the Social Security Administration. You should be aware before doing so that attempting to do this fraudulently is a federal crime. I thought I'd better mention that, because "get it from the Social Security Administration" is so obvious that it's difficult to imagine anyone needing to ask, unless they can't get one legitimately.

President Franklin D. Roosevelt signed the Social Security Act into law on August 14, 1935. This legislation established the Social Security program in the United States.

The retirement age for someone born in 1963 is 67 years old to receive full Social Security benefits. However, you may choose to start receiving reduced benefits as early as age 62 or delay receiving benefits up to age 70.