Financial Planner- Planning for Retirement - KHGI-TV/KWNB-TV/KHGI-CD-Grand Island, Kearney, Hastings

Financial Planner- Planning for Retirement

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With thousands of baby boomers retiring every day, some thought needs to be put into retirement options.

Retirement can have more than one meaning these days. It can mean that you are no longer working, you have applied for Social Security retirement benefits and you are no longer working, or it can mean that you have chosen to receive Social Security while still working, either full or part-time.

All of these choices are available to you. Your retirement decisions can have very real effects on your ability to maintain a comfortable retirement.

If you retire early, you may not have enough income to enjoy the years ahead of you. Likewise, if you retire late, you'll have a larger income, but fewer years to enjoy it. Everyone needs to try to find the right balance, based on his or her own circumstances.

Everyone's situation is different. However, there are some things you should remember as you crunch the numbers for your retirement. You may need your income to be sufficient for a long time, because people are living longer than ever before, and generally, women tend to live longer than men. For example: According to the website,

  • The typical 65-year-old today will live to age 83;
  • One in four 65-year-olds will live to age 90; and
  • One in ten 65-year-olds will live to age 95.

Now, one of the things you can do to help figure this out is to go to the Social Security website and check out some of their retirement planner calculators. The website has an online calculator that can provide immediate and accurate retirement benefit estimates to help you plan for your retirement.

The online Retirement Estimator is a convenient, secure, and quick financial planning tool. It uses your own earnings record information, thereby eliminating any need to manually key in years of earnings information.

The estimator also will let you create "what if" scenarios. You can, for example, change your "stop work" date or expected future earnings to create and compare different retirement options.

To use the Retirement Estimator, go to their website at

Once you decide on the best age for you to actually retire, remember to complete your application three months before the month in which you want retirement benefits to begin. 

If you have questions or need help in doing the calculations, be sure to call your financial planner for their input and help.

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