Licensed by the Missouri Department of Insurance, Tracy Wayne Mitchell is the president and founder of Mitchell & Associates, a retirement planning and insurance advisory agency. Besides authoring the book The Informed Fed, Tracy Wayne Mitchell is a noted expert in health insurance, annuity, and long-term care products. He also has gained a long-standing reputation as a retirement specialist.

1. By Tracy Wayne Mitchell

2. 
Licensed by the Missouri Department of
Insurance, Tracy Wayne Mitchell is the
president and founder of Mitchell &
Associates, a retirement planning and
insurance advisory agency. Besides authoring
the book The Informed Fed, Tracy Wayne
Mitchell is a noted expert in health insurance,
annuity, and long-term care products. He
also has gained a long-standing reputation as
a retirement specialist.

3. 
Retirement benefits can take the form of a
defined contribution plan, such as a 401(k) or
pension, an IRA, or Social Security. The
amount that a retiree earns in Social Security
is based on the average income during the 35
highest-earning years of his or her career.
The maximum amount that a participant can
currently receive is around $2,300 per month.
Individuals who wish to apply for benefits are
advised to sign up three months before they
are set to retire.

4. 
Unfortunately, it is unlikely that participants
who plan to retire in 2042 will be able to
enjoy Social Security benefits. It is believed
that at that time, the system will no longer be
able to make payouts. The plan is to raise the
age of retirement; at present, people who are
65 or older can receive benefits.