Retirement Answers from Retirement Experts!

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Recent Retirement Answers

Asked by someone from SC on 1/11/2018
Michelle Dash
Michelle Dash, Financial Advisor says
Your Social Security benefits will not be reduced based on capital gains income. However, the amount of your Social Security benefit that is subject to federal income tax may change as you reach income thresholds. You will never be taxed on more than 85% of your benefit. In addition, you may see increases in other payments that are based on income ... (Read More)
Asked by a 65 year old woman from WI on 1/16/2018
Michelle Dash
Michelle Dash, Financial Advisor says
If you are 65 today, I can assume you were born in 1953. This means that your full retirement age is 66. Once you reach full retirement age, you no longer are subject to earnings limits on your Social Security benefit. The earnings limit deductions due relax in the year you reach full retirement. In 2018, Social Security deducts $1 in benefits ... (Read More)
Asked by a 57 year old man from AL on 1/26/2018
Michelle Dash
Michelle Dash, Financial Advisor says
If you retire in the year you turn 55 or later, you do not have to pay a penalty when you withdraw from the 401k account of the employer you left. Since you are 57, you will not be subject to this penalty. If you have multiple 401k accounts, you may consider transferring them all to your last employer before you retire so that you will not be ... (Read More)
Asked by a 63 year old woman from MI on 7/20/2018
Michelle Dash
Michelle Dash, Financial Advisor says
If you know of other employees at your company, or elsewhere, who have gone down to part time, you may consider asking them for advice. If other employees have done this transition successfully, it will likely be an easier agreement. You should also take ownership on defining your new role. Have you targeted the part time position where you would ... (Read More)
Asked by someone from CA on 7/19/2018
Michelle Dash
Michelle Dash, Financial Advisor says
Your full benefit will resume once your overpayment is repaid. You can call Social Security and pay over the phone by credit card, or mail a check/money order payable to the Social Security Administration. Payments can be mailed Social Security Administration, P.O. Box 3430, Philadelphia, PA 19122-2992. Do not send a check to your local ... (Read More)
Asked by a 64 year old man from AZ on 2/13/2018
Michelle Dash
Michelle Dash, Financial Advisor says
The full retirement age for those born in 1953 is 66 years old. If you choose to take your benefit now, you will take a reduced benefit based on the amount of time your file early. If you are already collecting your benefit, at your full retirement age of 66, you will no longer be subject to the earnings limit. (Read More)

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