Questions to Ask Yourself as You Plan for Retirement

Deciding when to start receiving your retirement benefits from Social Security is a decision that only you can make, and you should make that decision with as much information as possible.  There are a lot of important questions to answer.  Should you claim benefits earlier and get a smaller monthly payment for more years?  Or should you wait and get bigger monthly amount over a shorter period?

There are no right or wrong answers, but consider these four important questions as you plan for your financial secure retirement:

1. How much money will I need to live comfortably in retirement?
2. What will my monthly Social Security retirement benefit be?
3. Will I have other income to supplement my Social Security benefits?
4. How long do I expect my retirement to last?

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Teaching Suggestions

1. Ask students to survey retired individuals or people close to retirement to obtain information on the main sources of retirement income.
2. Ask students to survey local businesses to determine the types of retirement plans available to employees.

Discussion Questions

1. What types of retirement income should be the main emphasis of a retirement program?
2. What actions might be appropriate by government and individuals to guarantee the continuing financial stability of the Social Security program?