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Asked by a 87 year old man from WA on 8/12/2014
Steve Chen
Steve Chen,  says
Congratulations on achieving financial independence - something almost no one reaches. You can use our calculator to validate your plans if you want a second opinion: https://www.newretirement.com/retirement-calculator/default.aspx (Read More)
Asked by someone from VA on 8/14/2014
Steve Chen
Steve Chen,  says
If you are asking how much income (from your pension) impacts your social security benefits, there this should help: If you claim Social Security benefits at age 62, then you will be penalized if you make over a certain amount of money. If you are younger than full retirement age during, you can earn up to $15,120 in 2013 dollars without it ... (Read More)
Asked by a 58 year old man from WA on 8/16/2014
Steve Chen
Steve Chen,  says
If you claim Social Security benefits at age 62, then yes you will be penalized if you make over a certain amount of money. If you are younger than full retirement age during, you can earn up to $15,120 in 2013 dollars without it affecting your Social Security benefit. After that, $1 will be deducted from your Social Security benefit for each ... (Read More)
Asked by someone from WA on 8/17/2014
Steve Chen
Steve Chen,  says
Good question Social Security Disability Insurance is based on your work and income history and is a benefit that you have earned, so those benefits are not impacted by other resources you have or may inherit. So yes - if you are getting SSDI and you get an inheritance you can use it any way you like. ... (Read More)
Asked by a 67 year old man from CA on 8/19/2014
Steve Chen
Steve Chen,  says
Sorry to hear about your situation, but you may be in good company since 36% of people have nothing saved for retirement. 14% of people over 65 26% of people 50-64 http://reason.com/blog/2014/08/18/why-do-36-percent-of-americans-have-no-r There are a number of programs for low income seniors - you can read a write up of them ... (Read More)
Asked by someone from NY on 8/22/2014
Steve Chen
Steve Chen,  says
Good question - the main factors to consider here are: - the tax implications of this decision - the timing of when you'll have access to your money If you have the option of taking a stream of payment vs a lump sum from your pension, then you may want to read this article: ... (Read More)

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