Don’t Forget About Social Security As Part Of Your Financial Plan
Never Retire Checklist: #16
Social Security is an entitlement program. You pay into it, therefore you are entitled to it. There’s no shame in collecting Social Security. And, despite how people in personal finance ignore or downplay its importance, Social Security can play a key role in your semi-retired life once you enter relative old age.
To help illustrate how powerful Social Security can be, here’s my current snapshot —
Given my focus on a low cost of living — and intention of bringing it even lower over the next few years — none of those amounts are anything to sneeze at. Not even the early retirement option, currently at $1,832 a month. If I wait until age 67, I could likely live comfortably off of Social Security, assuming my plans stay their course.
We’ll play with Social Security scenarios some other time. Today, let’s focus on some of the key rules for collecting Social Security while you work.
- You can work and collect Social Security simultaneously. The rules are more favorable than you might think.
- Prior to full retirement age…
