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3 important retirement questions you should ask yourself

Thanks to the most recent recession and the collapse of the housing market a few years ago, many people are starting to consider their retirement funds more than they had in the past. The uncertainty with the economy and the housing market means many people are refusing to make risky investment decisions that could jeopardize their nest egg and leave them struggling financially.

For our readers here in Florida, we'd like you to consider an important question now: what steps have you taken with your retirement fund to ensure financial stability after you retire? For some, the answer might be, "not much." That's why, in today's post, we'd like to highlight three important questions you may want to ask yourself about how you're handling or planning on handling your retirement.

The first question is this: at what age should you collect Social Security benefits? The reason we want our readers to consider this question on their own is because the answer is different for everyone. In some cases, such as in cases where life expectancy is not promising beyond 70, collecting benefits right away may be the better option. In other cases, waiting just a few years to collect benefits can mean the difference between scraping by and having extra financial protection later on.

The next question we'd like our readers to consider is: do you plan on still working and collecting benefits at the same time? You, like many Americans, may not know that the Social Security Administration allows people who are under their retirement age to start collecting benefits and continue working at the same time. It's important to note however, that your benefit amount can fluctuate if you plan on working while collecting benefits, which is why it may not be the best option for everyone.

And the third and final question concerns a topic we covered in a January 14 post: will Social Security benefits be available when you reach retirement age? As you may know, the general SSA fund is scheduled to run out in 2033. After this point, people may not receive their full benefits, which may not have been planned for properly.

So have you invested properly? Do you have concerns about your retirement? If so, then you may need to make changes now to prevent a financial crisis down the road.

Source: CNN Money, "Your 3 biggest Social Security questions answered," Walter Updegrave, Feb. 10, 2015

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