What steps might help you sustain and grow your retirement savings? “What is your greatest retirement fear?” If you ask retirees that question, “outliving my money” may likely be one of the top answers. Retirees and pre-retirees alike share this anxiety. In a 2014 Wells Fargo/Gallup survey of more than 1,000 investors, 46% of…
How to Obtain Your Social Security Statement The Social Security Administration stopped mailing a Social Security statement in 2011 as part of a cost-cutting effort, but resumed sending them in 2012 to people over age 60. In order to obtain your own statement, follow the steps below. Go to www.ssa.gov/myaccount At the bottom of the…
Will I have to pay taxes on my Social Security retirement benefit? Possibly! Most retirees enjoying their 2nd Half collect Social Security retirement benefits. Up to 85% of your Social Security benefits could be taxed as ordinary income. Since 1984 Federal income taxes have applied to Social Security benefits above a threshold. This threshold has…
Why so many Social Security Strategies? Because it’s complicated. For a married couple approaching retirement there can be 100s if not 1,000s of possible options. How would a couple know what to choose? How can you make the best informed decision? Social Security is not allowed to give that type of advice. It may be…
Each year, Social Security updates your Social Security statement. It is loaded with important information that you should take the time to review regularly (at least every 3 years). Here are several of the items you should focus on. How much will you get when you retire? Every year, Social Security estimates how much you…
Should I wait to take Social Security? As much as 8% a year extra can make a huge difference. Here’s how. Your monthly Social Security retirement benefit depends on your age when you first start collecting. Waiting until after you reach your Full Retirement Age (FRA) to begin collecting Social Security benefits kicks in the…
Do I lose money if I work and take Social Security? Possibly! Some Social Security benefits may be taxed as ordinary income. It is important that you understand how this works and how to reduce the impact. You will be subject to an “earnings test” if you take Social Security benefits prior to your full…
Will my Social Security benefit keep up with inflation? Yes! One of the most attractive features of Social Security is that every year the government adjusts the benefit for inflation. Known as a cost-of-living adjustment, or COLA, this inflation protection can help keep up with rising living expenses during retirement. The COLA is quite valuable;…
What can I do if there’s a big age difference with my spouse? The “Start-Stop-Start” strategy might help. Here’s how. This Social Security tip deals with a variation of File and Suspend. Start-Stop-Start may make sense if you are a married and there is an age and earnings difference between you and your spouse. For…
Can my family collect Social Security retirement benefits? Yes! A little known fact is that benefits are available to the children of a retiree who is collecting Social Security. Normally, I recommend waiting to claim benefits, but if you have minor children, it may make sense to claim earlier. For example, George is 61 and…