Blog
When Should I Start Taking Social Security?
Choices you make about Social Security can make a big difference in your retirement income. Most people understand that the longer they wait to take benefits, the higher their monthly payment will be. However, as reported in Kiplinger’s article, “Social Security: Delay or Hit Go?,” that’s not the right answer for everyone. You’ll be able to make a better decision if you understand how Social Security rules work and by making an honest assessment of your individual situation.
Social Security 101. First, a short tutorial on Social Security benefits and how they’re calculated. The federal government deems you to be at full retirement age benefit beginning at ages 65 to 67, based on when you were born. The amount of money you receive is based on an inflation-adjusted average of your 35 highest-earning years. You can begin collecting Social Security benefits as early as age 62, but your monthly benefit amount will be permanently locked in between 25 and 30% less than your full benefit amount, which depends on your current age, full retirement age and income. If you can delay taking your benefits, they’ll grow. If you delay until age 70, your monthly Social Security benefit could be about 132% of your full benefit.
Read MoreThere’s a Right Way and a Wrong Way to Downsize
Downsizing includes more than moving to a smaller home, but according to this article,“8 things you need to know before you downsize in 2017” from Starts at 60, doing it right can have a positive impact on your finances. Doing it wrong can wreak havoc on your retirement and your estate plan. Before you take one more thing to the curb, consider the following:
1. Allow yourself plenty of time. Start the downsizing process early. Begin thinking about and planning the move several years in advance so you have time to consider where you’d like to move and to crunch the numbers.
Read MoreRetirement 101: You’ve Got Homework
Our lives are jam-packed with so much, from the time we start a family to buying a home, building a successful career and sending our children off to college. More time is spent planning a vacation than planning a retirement, but all of a sudden, it’s around the corner. This article from The Washington Post, “It takes a lot of work to be ready to retire. Don’t forget these things,”takes a look at some of the common issues that financial planners encounter when working with people planning for retirement.
While there are some who don’t begin considering retirement until they reach their 50s, it’s not too late to get started on your retirement planning. However, a late start may mean facing some harsh realities.
Read MoreLeaving Town? Before You Move to Another State, Consider These Costs and Expenses
When you and your family are faced with a move to a new state for work, the biggest question on everyone’s mind will be where will the family live. But the house is only the start of the questions you’ll need to answer before making any final decisions. This article from Kiplinger’s, “5 Financial Matters to Consider When Moving to a New State,” points out factors you might not have thought about when preparing for relocation.
Read MoreWhy You Might Want to Change Your Retirement Date
Unless you are physically unable to continue working, there are a number of benefits to working past the traditional retirement age, according to an article in Kiplinger, “6 Reasons to Work Past Retirement Age.” All of them are worth serious consideration.
Employee Benefits. The added fringe benefits that accompany your paycheck can be worth hundreds or even thousands of dollars. That includes employer-paid life insurance and employer contributions to your 401(k). Don’t forget about health insurance, which can be cheaper than Medicare and provide better coverage. This coverage is valuable, especially if your spouse is under age 65 and covered by your plan.
Read More