Key Takeaway: Emotional preparedness is equally important as financial preparedness for retirement. One should be aware of the emotional factors affecting retirement preparation, such as fear and anxiety about the future, loss of identity and purpose after retirement, and coping with physical and mental changes. Building social connections, exploring new hobbies and interests, seeking professional…

Key Takeaway: The legal retirement age in Mississippi is 65 years old. Early retirement is possible starting at age 62, but it may lead to a reduction in benefits. Individuals can choose to delay retirement beyond the age of 65 to increase their retirement benefits. Mississippi Public Employees Retirement System provides retirement benefits to eligible…

Key Takeaway: Private retirement benefits refer to retirement savings plans that are established by employers or individuals, such as 401(k)s, IRAs, and pensions. Understanding the types of private retirement benefits available and your eligibility for them is crucial in order to claim your benefits successfully. Documentation required for claiming private retirement benefits varies depending on…

Key Takeaway: A SEP retirement plan is a retirement plan for small business owners and self-employed individuals, allowing them to contribute a percentage of their income towards retirement. SEP retirement plans are easy to set up and manage, making them a popular choice for small business owners. Additionally, contributions to a SEP plan are tax-deductible…

Key Takeaway: Retirement planning at age 45 is crucial to ensure financial security in later life. Ignoring the need for retirement planning can lead to having insufficient funds during retirement. When determining retirement needs, factors such as current lifestyle and expenses, retirement goals and aspirations, and health and family history should be considered. These factors…

Key Takeaway: There are various reasons why retirement accounts may lose money, such as inflation, high fees, poor investment decisions, and economic factors. Economic factors can affect retirement accounts through changes in interest rates and market conditions, which can impact the performance of investments and the overall value of the account. Investment decisions also play…

Key Takeaway: Roth Individual Retirement Account (IRA) is a valuable option for saving for college because of the tax-free withdrawals for qualified education expenses. This feature allows the account holder to withdraw money from the account without paying any taxes, provided the withdrawal is used to cover the expenses of higher education. Roth IRA offers…

Key Takeaway: Assessing Retirement Goals: Before allocating retirement funds, it’s important to determine your retirement goals and the lifestyle you want to maintain in retirement. Diversification: Allocating retirement funds involves diversifying your portfolio of assets including employer-sponsored retirement plans, individual retirement accounts (IRAs), and other investment options. This can help manage risk and improve returns….

Key Takeaway: Your NYS Retirement Registration Number is a unique identifier assigned to you by the New York State and Local Retirement System (NYSLRS) that is used to access your retirement account and manage your benefits. You can find your NYS Retirement Registration Number by checking your documents or by contacting NYSLRS directly. It is…

Key Takeaway: Full Retirement Age (FRA) is the age at which someone can claim their full Social Security retirement benefits. For those born in 1957, Full Retirement Age is 66 years and 6 months. Factors such as early retirement or delayed retirement credits can affect the actual age at which someone receives full Social Security…

Key Takeaway: There are three types of retirement benefits: Social Security benefits, employer-sponsored benefits, and personal savings. It is important to understand the different types and how they factor into your retirement income. To find information on retirement benefits, you can contact the Social Security Administration, check your employer retirement plan documents, and review your…

Key Takeaway: Failing to meet eligibility requirements can result in suspension of social security retirement benefits. This may occur if a recipient earns above a certain income threshold or fails to accumulate enough work credits. Working while collecting benefits can also lead to suspension of social security retirement benefits. If a recipient earns more than…