Retirement benefits
Introduction
Planning for the future can be tuff, considering how unpredictable the future can be. In about forty years or so, I will be eligible for retirement benefits, and one of my goals for retirement is to ensure that my retirement years are filled with abundance in terms of finances and health. My vision for retirement is that by the age of sixty-five, I should have started enjoying my retirement benefits. Even though it seems a bit premature to start cashing in my benefits, my reasoning for doing so in such an early stage is based on the fact that the life expectancy rate is not increasing, but rather, it is declining. One might argue that there will be advanced medical care in the future and, therefore, a prolonged lifestyle and those who cash in their retirement benefits early might suffer in the long run when they have an extended lifespan due to proper healthcare.
My second reason for cashing in my retirement benefits early would be because I will still be working till I reach the age of seventy years, for I believe that working in old age does better than harm. The thought of my income affecting my retirement benefits does not bother me since to me it is just a small percentage that is being cut off, and the goal of enrolling in a retirement benefits program is to have a safety net in old age that will ensure that my basic needs are catered for, and I am not dependent on anyone for my basic needs. The other reason for working till I am seventy would be because of the medical coverage from my employer. With old age comes the risk of getting health complications, and with a good medical cover, I will be able to cover my healthcare needs or cost if worst comes to worst.
In most of my scenarios, I envision taking my retirement benefits early. But in the case where I might be eligible for someone else’s benefits, I will choose the option to delay my benefits and cash in my other option. My reason for doing this is because my retirement benefits will be paid in full, and I will no longer be taking partial payments as would have been the case if I took them early. If I am not eligible to cash in on my spouse or divorced spouse, I will have to stick to my plan of cashing in my retirement benefits early. If someone else is legible in applying for retirement benefits, for example, my spouse or child, I will still take my retirement benefits early since it will not affect my full retirement benefits payments.
When one makes retirement plans, one needs to have a backup plan for the plan that one has. With the possibility of my employer not paying any more social security supplements from the age of sixty-two and my cashing in for early retirement, I will invest my retirement benefits to give me income, and I will save everything that comes from the properties I have invested in. The intent of investing is based on the premise that, although I have a pension that I could live off, I also want a quality life that cannot be possible with pension payments. With an active income in my retirement benefits and a passive one in my properties, I will be able to give myself a good quality life in my old age.
In conclusion, when planning for retirement benefits, one needs to be sure not to regret their decision in the future. It would be sad to cash in your retirement benefits early then spend like there is no future. Sunset years need to be the most important years of one’s life, for they portray the kind of life you have lived. A life of comfort and abundance should be the goal for everyone who signs up for the retirement benefits program.