According to a recent study, retirees will collectively lose $3.4 trillion in potential income that they could spend during their retirement because they claimed Social Security at a sub-optimal time. The graph above says it all. The age at which most people claim Social Security (green line) is opposite to the age at which they …
It’s a big transition when you leave the workforce to live off your savings, requiring an attitude adjustment in both you and your advisor. Here are the issues to consider when time, compounding, and conventional investment principles no longer work in your favor. Retirement planning is easy during the accumulation phase. Just stash as much …
Cracking the Nest Egg: When Accumulation Becomes Distribution Read More »
Wondering how to maximize your Social Security benefits? It’s not as difficult as you may believe. Here are three options almost anyone can do. Not so long ago, baby boomers viewed Social Security as a retirement program for old folks. High-earning boomers felt that Social Security didn’t apply to them because the monthly checks were …
When dealing with financial affairs, actions in one area can spill over into another. Sometimes these unintended consequences can be avoided; other times they don’t reveal themselves until it’s too late. Here’s what you need to be aware of when it comes to Social Security and Medicare. What do you do when a strategy or …
There is a great deal of confusion about how military pay is counted for Social Security purposes. If you or someone you love is in the military, don’t fall prey to misinformation. At various seminars around the country veterans are told that unless they show DD Form 214, they could lose out on as much …
At 1097 pages, the new tax act is the most far-reaching and complex tax code passed by Congress since 1986. This article looks at ramifications in the areas of deductions, divorce, and estate plans. The Tax Cuts and Jobs Act (TCJA) is old enough now that you’ve probably had an opportunity to review many of …
The New Tax Law: 3 Areas That Could Impact Families Read More »
When a parent is considering giving or lending a child money, the key question is whether it’s empowering or enabling. You need to structure a transfer that is best for both generations. When my older daughter Meredith bought a house in Portland, Oregon, in 2015, she needed help with the down payment. Housing prices were …
Intergenerational Transfers: Helping Adult Children Read More »
Due to legislative changes, fewer people can take advantage of spousal Social Security strategies. But if you qualify, they can be a major benefit. You may have heard from friends or the media about the “restricted application” for Social Security benefits. This is still available for some people, but you must meet certain criteria. Ordinarily, …
If you have ever worked for the federal government, you know there can be confusion about CSRS, FERS, and something called “CSRS offset.” Let’s see how these federal retirement plans interact with Social Security. CSRS or FERS? The Civil Service Retirement System (CSRS) was enacted in 1920 to give federal employees pension benefits at retirement. …
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 it might seem counterintuitive …
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