Have a question about Social Security? Send your questions to Greg at Greg@2ndHalfWealth.com Q: I recently spoke with the Social Security Administration. They declined my application for Spousal Benefits. They told me the law changed in 2005 and now requires individuals to be born prior to 1954 to qualify. I am 66 and my husband…
DetailsHave a question about Social Security? Send your questions to Greg at Greg@2ndHalfWealth.com Q: I heard that delaying my Social Security could increase my benefit as much as 8% a year. Is that true? A: Yes, it is. After your Full Retirement Age, it increases 8% per year, not including any COLA. Prior to…
DetailsA single person age 65 in 2023 may need about $157,500 saved after taxes to cover health care expenses in retirement, according to Fidelity. In 2023, their estimate for an average retired couple aged 65 is around $315,000. The actual amount you’ll need will depend on many variables, including where you live during retirement, your…
DetailsIt seems I’ve had more folks than normal tell me they’re thinking about taking Social Security early. They have a myriad of reasons but of course they want to know what I think. There are some valid reasons to consider taking it early. Given that many don’t realize taking it early puts you in…
DetailsMany of you felt somewhat vindicated with last year’s Social Security COLA of 8.7%. This recent article from the experts at Center for Retirement Research at Boston College gives us some hope on what to expect for the coming year. Quoting from the article, “The only option is to make some assumptions. “As…
DetailsHappy Mother’s Day! A few weeks ago, I was thinking about what sort of flowers to get my wife. I started researching the deeper significance behind many types of flowers. Doing so really made me think about my own mother and all the things she means to me. So, in honor of the holiday,…
DetailsNo one thought much about it when President Ronald Reagan began to make changes to Social Security in 1983. How old were you? Maybe in your 20’s or 30’s? We were all interested in other things at that point in our lives. Today, April 20, is the 40th anniversary of the 1983 Social Security…
DetailsDon’t Take It Too Soon This topic will affect millions of people in our country. It seems every day I answer some form of the same question, “When should I (or we) take Social Security benefits?” For many this benefit may be the largest asset they have. And this one decision may be…
DetailsThe annual Social Security Trustees Report is out. At 275 pages I wouldn’t expect any of you to want to read it! I haven’t read it all, but I will share some highlights (I know where to look). The report really used to be one of those government reports that nobody paid much attention to,…
DetailsMost went on their merry way and $30T slipped right by us. Was it Putin and the fog of war? Rising interest rates? Ottawa? Extraordinary inflation? Most didn’t notice the alarm clock RINGING to wake us up to $30T. I’m referring to $30 TRILLION of US national debt. The milestone was hit in…
DetailsI am asked regularly why an Annuity can pay a higher rate than a CD if all interest rates are similar. This short Kiplinger article shares that banks and credit unions make their money on loans: personal loans, commercial loans and mortgages. Interest rates on these loans are very, very low currently. Banks also…
DetailsWhat You Need To Know One of the trickiest—and most critical—Social Security planning strategies applies to widows and widowers who are between the ages of 60 and 70. If this isn’t you, please forward this to someone you know who may find it useful. If you (I am using one gender here but…
DetailsSocial Security is more confusing than ever. With 5,000+ claiming strategies it’s hard to know what to do. Some are sure they want it at 62 and others at 70. What’s best? Of course, the answer to that question depends on many factors. Some of those are: Age Health Marital status Spouse’s age Spouse’s health…
DetailsThe dust is far from settled on our nation’s recent stimulus packages. And, there’s talk of more coming. I have had questions about how this may affect your future Social Security benefits. Will I have benefits? Do I file now if I can? Do I wait? First, I would like to know your gut feeling,…
DetailsSocial Security has been low and reports show it will continue to be and will remain low. According to the article below, the Social Security cost of living adjustment has averaged 1.4 percent for the last 10 years. That is certainly less than inflation. Social Security’s purchasing power has decreased by thirty-three percent since 2000;…
DetailsWatch For The Income Tax Torpedo The possibly lurking Social Security tax torpedo is a situation where an extra dollar of income not only gets taxed at your highest marginal tax rate, it also may cause previously untaxed Social Security benefits to be taxed. So instead of adding $1 to taxable income, you must add…
DetailsMany of you are concerned that Social Security won’t remain a viable option in the future. Here’s the latest update. Although the journalists won’t be writing about the 2018 Social Security (OASDI) trust fund results until the annual trustees’ report comes out in the spring, we have them for you now. The Social Security Administration…
DetailsIf you are younger than 65, you probably wonder what all the fuss is about as you’re bombarded with television ads for Medicare Advantage and prescription drug plans this time of year. If you’re over 65 you already know the Medicare open enrollment season begins October 15th and runs through December 7th. Each year, insurance…
DetailsWhy Open a my Social Security Account? I’ve written about this before, I want to encourage you again to go to ssa.gov/myaccount and open a Social Security account. This is not just for people who are close to retirement. Everyone should open their own account with SSA—before someone else does. Here’s Why: I heard about…
DetailsThe Three Biggest Social Security Mistakes I See Because I work a lot with Social Security you might imagine how agitated I was when The Office of Inspector General released a report in March showing that 9,224 Social Security recipients were underpaid approximately $131.8 million according to CNBC. The research found that claimants were not…
DetailsWhat is a Required Minimum Distribution (RMD)? After you turn 70½, the IRS requires you withdraw a portion of the money in your retirement savings accounts each year (except for Roth accounts1). This is called a Required Minimum Distribution (RMD). Many of you who are enjoying your 2nd Half are approaching or have reached 70…
DetailsIt is only wise to consider what Medicare won’t cover in the future. As you save for retirement, you also recognize the possibility of having to pay major health care costs in the future. Is there some way to plan for these expenses years in advance? Just how great might those expenses be? There’s no rote answer,…
DetailsHow do you claim them? How much can you receive? About 5 million widowed Americans get Social Security survivor benefits. If your spouse has passed, you may be eligible to collect them. This means that you could receive as much as 100% of your late spouse’s Social Security income.1,2 Some widows and widowers aren’t aware…
DetailsI continue to meet with folks who have overlooked valuable Social Security options. I agree the options can be complex and confusing. That’s our job to help you sort them out and understand which strategy is best for you. These don’t have to be you: Filing too early Filing too late (it’s not always best…
DetailsTwo possibilities. Years ago, retirees exploited loopholes in Social Security’s framework to dramatically increase their lifetime Social Security benefits. Many of the tactics they used are no longer permitted, but there are still a couple of ways to restart those retirement benefits in pursuit of higher monthly income. Once, retirees could hit “reset” on their…
DetailsTry living as a “retiree” for a month or two before you commit to leaving your career. Imagine if you could preview your retirement in advance. In a sense, you can. Financially and mentally, you can “rehearse” for the third act of your life, while still enjoying the second. Pretend you are retired for…
DetailsBreaking Down The Basics & What Each Part Covers Whether your 65th birthday is on the horizon or decades away, you should understand the parts of Medicare – what they cover, and where they come from. Parts A & B: Original Medicare. America’s national health insurance program for seniors has two components. Part A…
DetailsBreaking down the enrollment periods and eligibility. Medicare enrollment is automatic for some. For those receiving Social Security benefits, the coverage starts on the first day of the month you turn 65. Your enrollment is also automatic when you are under 65, disabled, and receiving benefits from Social Security for 24 months. The exception to this…
DetailsThis option is available to most married couples. With survivor benefits, there are a number of different rules than with other benefits. If you’re confused at the end, call us. How much is the benefit? Social Security uses the deceased worker’s basic benefit amount1 to calculate how much a survivor gets. However, the widow or…
DetailsJust how gloomy does its future look? Will Social Security run out of money in the 2030s? For years, Americans have been warned about that possibility. Those warnings, however, assume that no action will be taken to address Social Security’s financial challenges. Social Security is being strained by a giant demographic shift.…
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