What 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…
It 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,…
How 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…
I 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…
Two 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…
Try 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…
Breaking 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…
Breaking 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…
This 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…
Just 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.…