My tax preparer said that I should not retire mid-year because of my income level. She said I will have to pay back my Social Security. Do I need to take this into consideration? Ready to Retire Related: My wife and I have $20 million and plan to retire in 5 years.

A 21% reduction to your Social Security benefits, or something in that vicinity, could have a negative effect on your retirement finances. But if you make a commitment to save for retirement, you might manage to accumulate $1 million by the time your career comes to an end.

It won't be long before Social Security payments head to recipients who get paid during the third round. Here's the monthly payment schedule and how to determine when you'll receive your money.