• Question
  • Can I get retiremrnt after I decide to leave the company after 26 years and workmen compensation for a year and I got a check from the company for my

    Asked by a 58 year old woman from District Heights, MD on 8/30/2018

    back pay of workmen compensation I was planning to retire before the work related injury in 2017. I started fulltime and ended part time but I still put and paid social security for 26 years, my paid taxes too. and I check for a estimate about 21/2 years ago and it said I could get around $516.00 and I had a 40k plan but pill from it years ago so know money in a 40k plan now so what can I do about my retirement plan now.

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  • Categories: Retirement Planning, Retirement Income

Answers

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  • The best thing to do is call Social Security and ask them about the benefits you have earned over your working years. You may also wish to ask them how your benefit will change if it taken at 62 compared to full retirement age.

    Once you have this information, you can work on your retirement plan. Using the NewRetirement tools, you can estimate your expenses in retirement and evaluate if you will have enough income to meet your needs. If you find that you need more income, you can begin to look for opportunities to decrease expenses or earn extra income. There are many creative ways to earn income such as driving for a ride share company, taking on part time work, renting out extra rooms in your house, etc. It is great that you are thinking about your future.

    You may enjoy this article about boosting income:
    https://www.newretirement.com/retirement/how-to-make-money-in-retirement-14-ideas/

  • Login to rate this answer:   Answered on 9/7/2018
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.