Get familiar with these basics of Social Security if you’re planning for retirement. It’s crucial to understand how Social Security works before you stop working. Your work history affects your retirement income, and choices like when you claim benefits can have lasting effects. A solid retirement plan for most people relies on Social Security. SSA estimates that the average U.S. retiree will replace 40% of their pre-retirement income with Social Security. That means you might need to also get income from other sources, such as savings and investments that you accumulate throughout life. Get free retirement planning resources: 🔑 9 Keys to retirement planning 🐢 6 Safest Investments Your full retirement age (FRA) is one of the most important things to understand. That’s because you typically get reduced benefits if you take income before that age. And waiting offers the opportunity for delayed retirement credits up to age 70. Your age at claiming is a major factor in h
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)