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Monday, July 9, 2007

Your Retirement Portfolio

Retirement savings are important to every working American. After years of hard work, you need to have something saved up for your twilight years and also something to help you enjoy your life’s work.

The three major elements of your retirement portfolio are your benefits from your pensions, savings and investments and your Social Security benefits. The trick to a better retired life is to plan carefully for your retirement. Social Security sends you your personal Social Security statements each year so you can review your savings and plan a variety of retirement options available to you.

Ideally, you should apply for retirement benefits three months in advance. Also, it would be wise to do the same for Medicare before you reach the age of 65.

You must also be minded of pensions that could reduce the amount of your Social Security benefits. You might be computing more than what you actually have when you decide to retire. This may destroy your whole plan for a restful retired future.

In cases of retirement pensions from your employment where you also pay Social Security taxes, Social Security Administration opines that receipt of this kind of pension will not decrease your Social Security benefits unlike pensions received from federal civil service or some state, local or foreign government systems.

The elements of your portfolio are vital to the overall retirement life that you want to package. If you have any questions or needs assistance in determining what factors may affect your retirement benefits you can discuss this with social security advocates. They can give you intelligent options for your retirement plans decision-making.