Sikov and Love, P.A.
Call To Speak With An Experienced Attorney
877-897-8025
Comprehensive Elder Law Services Addressing
a Full Range of Legal Issues

Long Term Care Planning and Retirement Benefits

As part of long term care planning prior to retirement, consider Social Security and other retirement benefits. It is important to know what your income, or maybe both you and your spouse's incomes, will be as you get older.  What will you need to live on?  What will you need to pay for long term care? Do you have retirement accounts, such as IRAs, 401ks, or 403bs?  When should you start taking Social Security or these other retirement benefits?     

When discussing Social Security and retirement benefits, as part of long term care planning, consider when you will take these monies. You could retire early at 62 and start taking Social Security. However, your benefits will be much less than they would be if you had waited to reach full retirement at 66. If you were working and deferred taking Social Security until you reached age 70, you would receive even more each month. For every year that you defer taking your Social Security retirement benefits past age 62, you get an increase of approximately 7% to 8%, which could add up to a total increase of 176% if you waited until age 70. There is no reason to defer taking Social Security past age 70, even if you are still working.

On the other hand, with retirement benefits such as traditional IRAs, 401ks and 403bs, you may not have to take monies from these accounts until you reach age 70 1/2. If you want to take these monies prior to reaching 59 1/2, there may be penalties. You can start taking these retirement funds between those ages, if you need funds to live on while continuing to defer taking Social Security until age 70.

Going through a discussion about these retirement benefits and when to start taking Social Security as part of long term care planning, as well as all of the other reasons to do such planning, can help you maximize your income and improve your later years.

No Comments

Leave a comment
Comment Information
Tell Us About Your Case

Tell Us About Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location:

Sikov and Love, P.A.
428 Forbes Avenue, Suite 1400
Pittsburgh, PA 15219

Toll Free: 877-897-8025
Phone: 412-567-1236
Fax: 412-261-1455
Map & Directions

Phone Number: