By Elaine Floyd, CFP ® Something everyone still working after age 65 should know about is how to appeal the IRMAA. Amid the long checklist of things you must do at retirement, this can easily be overlooked, causing you to pay more in Medicare premiums than you need to. The IRMAA was instituted in 2007 as …
By Elaine Floyd, CFP ® If you were married more than ten years and your ex-spouse has died, you may be entitled to a divorced-spouse survivor benefit equal to the amount of his Social Security benefit at the time of his death. If it’s higher than your own benefit, you can switch. This is true even …
By Elaine Floyd, CFP ® A common question among people in their 60s is this: If I keep working, will my Social Security benefit go up? An even more common question is this: If I take a part-time job at a lower salary, will it cause my Social Security benefit to go down? To answer these questions, …
Will Working Longer Help—Or Hinder—Your Social Security Benefit? Read More »
By Elaine Floyd, CFP ® Widows between the ages of 60 and 70 who qualify for both a survivor benefit based on their deceased spouse’s work record and a retirement benefit based on their own record have a unique opportunity to coordinate the two benefits to maximum advantage. They can start a reduced survivor benefit as …
By Elaine Floyd, CFP ® Under Social Security rules, if a person receiving a benefit becomes entitled to a different benefit, that person may switch to the new benefit if it’s higher. This switching is one of the most important ways people can maximize their benefits, but they don’t always know how or when or even …
By Richard Atkinson Retirement is a totally new stage of life. With some careful prioritizing—and collaborating with your financial professional—you can design a working plan for retirement that may surpass all your expectations. When most people think of retirement, they imagine leaving a job they’re tired of, getting out of the rat race, and leaving …
By Elaine Floyd, CFP ® What if you claimed Social Security and then realized you would rather stop benefits and get more later? Can you change your mind? You might go back to work and no longer need the income. Or you might realize that it makes more sense to draw from other sources of income …
By Elaine Floyd, CFP ® Working full-time and then abruptly stopping work at age 65 is no longer the only possibility for retirement. “Downshifting” allows for a more gradual process, benefiting employers and employees. I have a friend who plays principal clarinet with a major symphony orchestra. She loves her work—which, after all, is literally playing—but …
By Elaine Floyd, CFP ® You might assume it’s safer to keep your personal details—especially your Social Security number—off the internet. Actually, setting up a my Social Security account is an important step toward protecting your benefits. We’ve all heard warnings not to give out our Social Security numbers anywhere—not on the phone, not online. So …
By Erin Tamberella and Rick Wright It’s a touchy subject, but a life expectancy analysis is the best way to ensure you will have enough money to live your later years in comfort and ease. What do people fear the most in retirement? Outliving their income. And what variable has the largest impact on whether …
The Most Important Question in Retirement Planning Read More »
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