COA 4131 1st Edition Lecture 29 Outline of Last Lecture I Types of Real Estate Investments II What are Mineral Rights III Facts about Mineral Rights IV Leasing V Esoteric Investments Outline of Current Lecture I Esoteric Investments II Thinking of Retiring III Considerations for Retiring IV Negative of Retiring at the Wrong Time V What are the Best Options VI Age VII Medicare VIII Receiving Benefits while you Still Work IX Early Retirement X Retirement Age Considerations XI How your Social Security affects your Spouse Current Lecture A Esoteric Investments a Precious metals i Can invest in gold exploration too ii Gold prices fluctuate every single day b Precious stones i Gems 1 Most valuable is diamonds 2 Country of origin can vary a Sometimes you will know sometimes you will not 3 Africa a Asia is coming up and so is Canada 4 Have checked by American Diamonds Check a Certificate with cut shape color ect 5 Diamonds will last for centuries a Will not depreciate b Want the largest diamond and the best cut 6 The Beer s a In South Africa b Great huge diamond country 7 Sapphire s are second to diamonds in expensive then emerald s and ruby s and so on a Princess Diana s and now Kate Middleton s ring is a very expensive sapphire circular ring 8 Sterling silver is more expensive and better quality than silver plated c Collectibles i One third of American s collect something 1 Totally normal in our country ii Art ect iii All sorts of things 1 Barbie dolls Pokeman antiques comic books any kinds of collecctions 2 For pleasure and for worth iv Good to pick a category and study them 1 Looking for rarity and condition 2 Need a written statement with any flaws and where it is from v Fraud and faking is common 1 Have to research it and make sure you are not being tricked vi Antiques 1 If you inherit or get an antique chest of drawers you want to knock it 2 If there s a spring inside that means there is a secret compartment B C D E F vii Bidding at an auction 1 Signal when you want to bid on that item and that price viii Use common sense ix How to protect yourself 1 Reputable dealers a Needs to be legit 2 Should find out if the person you are dating is a collector and whether or not you can live with that Thinking of Retiring a What you May or May not Know about Social Security i Have a target date fund or bond 1 Plan for the birthday of when you would hypothetically retire and have that target fund expire on that date Considerations for Retirement a Two different ways to retire i You could apply for Social Security retirement benefits and not work anymore 1 Will be directly deposited 2 No longer in mailbox because people used to steal them ii You could receive Social Security while still employed as a part time or full time job b 1960 and up you can get full benefits at 67 years old i 62 years for partial c At age 62 everyone can get partial payments from Social Security i Doesn t matter what year you were born Negatives of Retiring at the Wrong Time a Too early i If you retire too early you may not have enough income to enjoy the rest of your retired years ahead b Too late i If you retire when you are too old you will not have enough time to enjoy it c This is one of life s biggest gambles What are the best options a Always remember every situation is different when it comes to Social Security b Online calculators can project an estimated retirement benefits you could receive c This estimate can help you create What if scenarios i Can change stop work date or expected future earnings and compare different retirement plans and options that will be best for you Age a Fact You may need your income to be sufficient for a long time b People are living longer than ever before i Generally women live longer than men G H I J K c Typical 65 year old today will live to be 83 years old d One in four 65 year olds will live to be 90 years old e One in 10 65 year olds will live to be 95 years old Medicare a Even if you do not plan to receive monthly benefits you should sign up for Medicare 3 months before you turn 65 i This is a fact b By not signing up in time you could be faced with high premiums or delayed coverage on all things medical Receiving Benefits while you still Work a Once you reach full retirement age you can still work and earn as much as you want while receiving your full social security benefit payment b Do not try and limit your earnings because of this c If benefits are withheld you will receive a higher monthly amount once full retirement age is reached Early Retirement a No mandatory age b Can start to take out retirement from work i At age 59 and a half or 60 c If your earnings exceed a certain dollar amount some of your benefit payments during the year will be withheld d Once 40 credits have been earned you may begin receiving Social Security benefits at age 62 i However by doing this your benefits will be reduced based on the number of months you receive benefits before you reach your full retirement age ii Your benefit will be increased by a certain percentage for each month you don t receive benefits between your full retirement age and 70 Retirement Age Considerations a Full retirement age is considered 66 for anyone born 1943 1954 b For people born after those dates your full retirement age is found on page 2 of your social security statement c With just Social Security some people are living on just 50 a month i Not enough for majority of people d Pension is going out and less people are receiving them How your Social Security Affects your Spouse a If you are married and die before your spouse he or she may be eligible for a benefit based on your work record b Social security will not pay your spouse a full benefit if you receive them before you reach your full retirement age c If you wait until full retirement age to receive your benefits you will receive benefits based on your record
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