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Can you (or your beneficiary) afford to live on a fixed income in retirement? Did you know that choosing the OTRS Maximum Option will reduce your deposits to $0 in less than 3 years leaving your beneficiary only a small $5,000 death benefit? What about the partial lump sum option, is that a good idea or a big mistake? What about wear-away how does that affect you? It’s time to develop a projected retirement Cash Flow Analysis so you can be confident in your monthly income at retirement, and be confident that your beneficiary(s) have proper planning in place. Before selecting your OTRS lifetime income option you should be aware how each of these 5 lifetime income options (including the lump sum if applicable) will affect you, and your beneficiary, in retirement. Your sources of income might include Oklahoma Teacher’s Retirement System (OTRS), Social Security, distributions from Retirement Accounts, or part time employment.
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Did you hear what just happened with Social Security? Congress just eliminated two popular strategies used to get greater retirement benefits. In October, Congress passed a new federal budget. In doing so, it shut down the file-and-suspend and restricted application claiming strategies for Social Security, which married couples used to try and maximize their combined retirement benefits. It’s time to review how these new laws affect you, and your spouse, and develop a Social Security Strategy that will create the maximum amount of income for your situation. Deferring Social Security until Full Retirement Age (age 65-67) could increase your monthly benefit by as much as 7% annually, and it could help a surviving spouse live on a higher amount of benefit when compared to drawing at age 62.
Retirees look for ways to convert savings and investments into regular income. One option to consider is an annuity.
Don't let procrastination keep you from pursuing your financial dreams and goals.
Here are five facts about Social Security that might surprise you.