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Asked by someone from CA on 7/18/2019
Michelle Dash
Michelle Dash, Financial Advisor says
Many people are aware of the personal limits for 401k contribution, $19K in 2019. There is another limit called the total employer maximum which is $56K in 2019. This means that combined, you and your employer can contribute up to $56K towards your 401k annually. $56K - $19K = $37K There is potential for your employer to contribute $37K beyond ... (Read More)
Asked by a 63 year old man from FL on 7/17/2019
Michelle Dash
Michelle Dash, Financial Advisor says
There are many factors we cannot consider in this post, so it is best to talk with a newretirement.com adviser or another financial professional before taking action. Please keep in mind there is not a 100% solution. All decisions will require you to make assumptions base on current and future cash flow, your health, your girlfriend's health, her ... (Read More)
Asked by a 72 year old man from MO on 7/9/2019
Michelle Dash
Michelle Dash, Financial Advisor says
Thanks for asking your question. You should call Social Security or make an appointment at your local office. It is possible that you are eligible for credits starting in 1964, though these will not be applied automatically. They will also be able to share your specific benefit at various ages. You should make sure to apply for your benefit by ... (Read More)
Asked by someone from AZ on 6/6/2019
Michelle Dash
Michelle Dash, Financial Advisor says
If it has been less than 12 months since you filed for your benefit, you are able to withdraw your application. If you choose to do this you will be responsible for a lump sum to repay the money received including your own benefits, money withheld for medicare, money withheld for taxes and additional child benefits, etc. You can file form ... (Read More)
Asked by someone from CA on 6/27/2019
Michelle Dash
Michelle Dash, Financial Advisor says
NewRetirement.com offers some robust modeling options. I suggest that you put all of your information into the planner and experiment with scenarios for differing contribution amounts. You also may consider seeking help of an expert to create a plan that considers your goals and cash flow. For your protection, we are not able to provide advice in ... (Read More)
Asked by a 45 year old man from NC on 7/2/2019
Michelle Dash
Michelle Dash, Financial Advisor says
Your benefit should increase by about 8% a year for every year you delay taking Social Security. If you retire at 62 and and wait until 70, you will have 8 years to accumulate a higher benefit. The Social Security website will tell you your benefit at 62, full retirement and 70. You can use the NewRetirement calculator to estimate payments other ... (Read More)

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