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…
Have 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…
A 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…
It 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…
Many 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…
Happy 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,…
No 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…
Don’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…
The 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,…
Most 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…