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The “How Much Money Do I Need for Retirement” Conumdrum
In some respects, it’s like the chicken-and-egg riddle. Figuring out how much you’ll need for a sustainable retirement hinges on how much you’ll spend, and the task is so daunting that, according to a study by Age Wave/Merrill Lynch, eight in ten…
Some disturbing facts about Social Security
It’s a given that Social Security is a critically important program upon which a multitude of Americans rely to keep them financially secure and, indeed for many, above the poverty line. But given the importance of this program, it’s quite disturbing that…
Filed for Social Security too early? Here’s what to do
By far the majority of seniors file for their Social Security benefits well before what’s known as their “full retirement age,” when they’ll get 100% of the benefit they’ve earned from a lifetime of working. Either from simple “buyers remorse”…
Protecting your online Social Security identity
There’s little question that for the computer proficient, creating an online Social Security account is a great way to give you access to all of your Social Security information. And for those who have not yet claimed their benefits, online is…
Will working a few more years boost your Social Security payments?
For countless seniors depending on Social Security to provide a large chunk of their monthly income, it pays to take steps to increase those benefits. Generally speaking, working a few more years might boost your Social Security payments, but that’s…
Should you claim Social Security at 62?
62 is by far the most popular age to file for Social Security benefits, even though those benefits will be significantly reduced by claiming at that age. The simple rule is: the longer you wait, the more your benefit will…
Taxing Social Security benefits: Where you live makes a difference
Many people already receiving Social Security benefits are painfully aware that the Federal Government may levy income tax on a portion of your benefits, as much as 85% of your benefits depending upon your annual “combined income”. But if you…
Some important things to know about your Social Security benefit
If you’ve reached that magic time in your life when you can see Social Security on your horizon, then you would be well served by understanding how your benefits are computed, how your age when applying will affect your benefit amount,…
Should you collect Social Security at 62: Maybe
Your Social Security benefit is based on retirement at your Full Retirement Age (FRA), and if you retire early, you’ll find your Social Security benefit reduced by 5/9 of 1 percent per month before FRA and an additional 5/12 of…
Forced retirement
A 2017 survey by the Employee Benefits Research Institute found that 48 percent of people retire unexpectedly, often because of health problems, caregiving demands, or job layoffs. Bill Galvin, a certified financial planner with Capital Management Group of New York…