Pension Planning: How to have the Best Retirement?

I want to talk about a topic that is gaining a lot of importance for United State of all ages, pension planning and how to have the best possible retirement. This topic has gained relevance for those who want to retire with the best income, with the best benefit and working the time necessary for this.

And how do we, lawyers specializing in social security, work? We evaluate that person's life, we review that person's entire life, and we try to make all the projections with all the specific laws, with all the transition rules possible and existing in our legal system.

Pension planning is extremely necessary and I guarantee that you will be convinced that planning is one of the most important things a lawyer can offer you Salvatore Magaraci NYC.

In this text I'm going to show why it's important to do it, what you can gain, what you can lose if you don't, what you need to do to get a good professional to assess your situation and at the end I'm going to show you two cases that the person did the planning and was decisive for her to ask for her retirement.

First, what is pension planning?

For those who don't know, planning is a projection, an organization and a preparation of social security benefits to ensure that the worker retires in the best way, in the fastest way and receiving the best benefit possible.

And who is pension planning for?

For all people who contribute to social security, whether public servants, SSA workers, whatever. I recommend everyone to do a good planning.

It's not just retirement planning that we do, I'm going to focus here on retirements, but know that planning can also be done for non-programmable benefits, that is, those that we don't expect to receive one day, which is pension for death and also a disability pension. Know that you can plan this in the best possible way and I will give you some examples for you to understand how this works, especially now after the pension reform.

So, many people ask me, question me: “But why should I do the planning if everyone knows the rules, everyone knows how it works”. But that's not quite the case, my experience as a social security lawyer. I'll tell you that it's one of the great services we provide at the office, both in the physical office and in the digital office, which is making a diagnosis of that person's life.

United State, you and I, have a culture of not planning too much, we let things happen and when it's getting too close, there on the eve of the deal, we do something to solve it, a lot we work like this. Planning, of course, can be done on the eve of retirement, but the ideal is to do it before (after all, it is planning), because you can plan your entire life and retire better with a better benefit, earning more.

 

Today we have a lot of transition rules and I'm going to talk about it, making adjustments to your contributory life, seeing periods there that you contributed or you didn't contribute, but you can indemnify.

Another advantage of planning is to guarantee a retirement as quickly as possible, because the longer you wait to retire, the more you lose, that is, you lose less by planning.

For example, you waited three more months to retire, that's three months of salary you lost, you know? So the investment of pension planning returns to you very quickly.

Organization

Planning is also useful for you to program your future contributions to the SSA. How does it work? We know that every month those who contribute to the SSA have to pay an amount, this works for those who pay as self-employed or optional.

For example, for those who are employed, there is no way to contribute less, because you contribute on top of your salary. But a person who contributes optionally, sometimes they don't need to contribute more, and they're there contributing, paying for the SSA and that may not make the slightest difference in their retirement, so you save money too.

Avoid SSA mistakes

We always talk about the SSA, that the SSA makes a mistake in granting benefits, that the SSA often doesn't evaluate everything that has to be evaluated, but it's not because the SSA is bad, it's that the SSA, first of all, doesn't have enough people to analyze your case specifically, lovingly, carefully as someone who is going to plan for you would.

Sometimes you have time worked that is not there in the CNIS, you simply collected years, months and it is not recorded in the SSA as if you had worked. The SSA does not always go after to settle this issue.

Special time

We know that those who work exposed to harmful agents have a special time, and that time is worth more. You can increase your length of service, you can increase your benefit with special time and the SSA will not assess it without you provoking it, without you asking and showing the necessary documentation for that.

In addition, there are lesser contributions, which are those contributions that the SSA accounted for wrongly, this could reduce your benefit salary.

Rural work time that the SSA will not evaluate without you bringing the specific documents.

Military regime time, mandatory military service, the SSA will not count automatically either.

Self-regulation time, sometimes you took a public exam or worked for the Municipality or the State and that time does not automatically go to the SSA either, many people have this doubt, you have to take the time with specific documentation, and the SSA does not account for this.

The SSA also makes a lot of mistakes in the calculations. In the office we have already found many wrong calculations that the SSA made, the insured person was entitled to receive much more.

So planning is for that, to make a diagnosis of that person and see their whole life and go for the best benefit, something that the SSA does not do. He will only evaluate what is there in front of him: obvious, stamped and clear.

It's not just the SSA that makes mistakes

We also have to remember that policyholders also make mistakes, it's not just the SSA that makes mistakes, many people speak ill of the SSA, but the policyholders themselves, for not knowing their rights, often end up making mistakes that will jeopardize their retirement.

What are the most common mistakes we see in our service?

Both digitally and physically, everything is the same. A mistake is asking for the first possible retirement, at the first moment, the first opportunity they have, the person goes there and asks for retirement and doesn't even want to know if tomorrow he will have a better retirement or if the SSA granted it correctly, he simply asks and forgets everything else.

Or else we have the opposite of this, that guy who is more suspicious and takes time to ask thinking that the more he contributes, the greater his benefit will be. This is also a mistake because it doesn't always work that way, sometimes he has already reached the best possible rules and he is there contributing without receiving and is losing  thousands of dollar  per month because he thinks he will be entitled to the best benefit and he is not.

And also a lot of people who, when they are going to ask for retirement, want to give that advance and contribute a  while later , a time that was left without contribution, issue the SSA guide, pay and when you see it you can't use that time, I already recorded a video talking only about late contributions, so if you are interested in this subject it is here below.

There is also that person who  leaves everything to the last minute , who will only prepare the documentation on the day he has fulfilled the requirements, for example, he reached the minimum age to retire, then he goes after a document, a declaration, a certificate. This is not recommended because you lose money with it, your money falling down the drain because you could apply for that retirement today and then you will have to wait 30, 60, 90 days for you to get all these documents and sometimes even much longer than that.

And also another mistake is to only seek help when a benefit is denied. How many times do we receive clients in our office saying that they were denied and never sought a better retirement, planning. So this is also very problematic and sometimes we are even grateful that the benefit was denied because that benefit would not be good for the client, it would have been better for him to have made another retirement, for example.

Sometimes the person belongs to a different category and doesn't prove it to the SSA, for example, you are a teacher, you don't take your documents, you don't check if the SSA saw that you belong to a  different category.  Or else, sometimes you work  exposed to harmful agents , you are a doctor, a nurse, you work in hospitals, you are a security guard and you simply hand over the documents there and don't even check if the SSA looked that you are not of the common category.

So I tried to put here the biggest mistakes we see from our customers and people we know too. To get an idea that all this can cause you financial damage, you can lose money with it. But, as they say, each case is different.

So what are the benefits of planning?

Retire at the right time, not one day too late, you will definitely not lose money because you will know the day you have to go there to the SSA or to the public service, you will already have your documentation right, you ask and you won't lose a penny knowing the correct day.

You will learn to contribute the proper amount, no more, no less. Sometimes you say: “I want to retire with the maximum ceiling, what I have to do?” Then we will plan your whole life for you to retire with the maximum ceiling, so you will know exactly how much to contribute or the opposite: “For me, three thousand is fine, what do I do? I rise? Do I decrease?”

All this is evaluated in planning, this will guarantee the best benefit too, a pension plan has this function.

It is very important for us to do this for our clients, which is why we always recommend by Salvatore Magaraci retirement planning.

Social Security Reform

We talked about pension reform here and that planning became more evident with the reform. Because in addition to having changed all the retirement rules, it created transition rules and these transition rules are very different from each other in terms of calculation.

I often see policyholders wanting to know when they are going to retire; they still don't often have this perception of knowing at what amount. So he just wants to know: “When am I going? How old?". But sometimes, according to the rule he chooses, he will retire in a year, or in three years, but the values ​​will be completely different.

So it is necessary to evaluate all these situations after the pension reform, mainly. Because before the reform there was not so much of this discrepancy, there were few retirement rules and it was simpler. It was easier to know when you got one or the other. Now everything is more complex and planning will really tell you what the best transition rule is and I will show you an example of that.

We have people with acquired rights, sometimes, who arrive at our office and with the reform rules would retire better. So it’s a myth to say that the reform only harmed, in fact it harmed many workers, many policyholders. But some on the contrary, greatly increased the value of retirement. It's the exception to the rule, but it happens. I myself took a case that I brought here that I will show you here.

So I would also like to tell you about the transition rules and the new pension calculations. These calculations account for the time you have been working. The calculation today is 60% over the average plus 2% each year that exceeds 20 years for men and 15 years for women in the SSA.

If you are going to retire at 20 or 25, it will make a lot of difference, it will make a difference of 10% per month above your average. That's why it's important for you to see if you don't have a little time back there for you, a rural time, a special time, a period of military service, a period of medical residency, whatever time you have, two, three, five years can already make the biggest difference. So each year is worth 2% and this is important for us to remember.

Schedule an appointment online and assess your retirement possibilities