If you are like most people facing retirement, you are figuring out how to generate enough income in retirement and feel confident that it will last as long as you need it to. This article will talk about two of the biggest levers you have – when/how to claim social security and using home equity…
Retirement is tricky business. You can save and plan your whole life, but that doesn’t mean you’ll know how to best use your Social Security benefits. Counting on the Social Security Administration (SSA) to help you find your way doesn’t always work, either. And then there’s the elephant in the room, which is whether Social…
For many women, Social Security benefits are not nearly what they could be. That’s because women tend to claim Social Security early when it would better serve them to wait, data show. Social Security can represent up to 40% of the total income Americans receive throughout retirement. However, only 15% of women wait until their…
Social Security benefits can increase up to 32% if you wait until age 70 to start collecting them. This may translate to an additional $300,000 in benefits over the course of a couple’s lifetime or $100,000 during an individual’s lifetime, says Kevin McGarry, director of the Nationwide Financial Retirement Institute (NFRI).But the reality is that…
Social Security has served as a financial safety net for many older adults, but recent research indicates that era is drawing to a close as retirement health care costs skyrocket. Many older Americans rely heavily on Social Security benefits as their main source of income in retirement. Nearly half (47%) of unmarried people depend on…
You have probably read and reread that you should delay the start of your Social Security benefits until at least your full retirement date (typically around age 66 if you are retiring soon). This advice is probably good for most people because delaying the start of benefits increases your monthly Social Security checks for your…
The turning of the calendar year is a classic time to evaluate your financial goals. If you’re rapidly approaching retirement age, or if you’re already there, Social Security benefits are probably near the front of your thoughts. Social Security helps supplement the lives of millions of retired Americans. But even though every worker gets…
Benefits of Waiting to Claim Your Social Security The New York Times, November 15th, 2013 For many who are over the age of 62, collecting your Social Security benefits is a rite-of-passage of sorts, the payoff of your years of letting the IRS take your hard earned money out of every paycheck. For some, particularly…
Deciding when to start drawing Social Security can be one of the toughest decisions that a new or near retiree can make. For most, delaying Social Security is the preferred option — in fact, it may your best investment decision. By Henry Hebeler Henry (Bud) Hebeler is one of the most experienced financial advisors within…
In his list of the TenWorst ‘Gotchas’ oftheSocialSecuritysystem, Paul Solman informs us that there are 2,728 rules in the Social Security Handbook, buttressed in turn by tens of thousands of additional explanations in something called the Program Operating Manual System. As one might expect from any system that complicated, there are a number of rules…