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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…
Retire on your own schedule
According to Social Security data, on average, men claim retirement benefits at age 64.2 and women at 64. However, for nearly half, retirement comes sooner than expected, often because of poor health or a layoff. There are so many uncertainties…
Managing your healthcare costs in retirement
According to projections from HealthView Services, a healthcare cost data provider, a man retiring at 65 today will need $189,687 on average to pay healthcare costs not covered by insurance; a woman will need $214,565. It should be noted those…
A handful of Social Security claiming strategies for married couples
Social Security benefits seem straightforward, but the program is governed by thousands of regulations, resulting in hundreds of possible claiming strategies for individuals and couples. But for those who are married, it can be narrowed down to 10 to 15…
How the Social Security Administration handles a shutdown
Roughly 60 million Americans rely on their Social Security checks every month to make ends meet. During the recent two-day government shutdown, many retirees and other benefit recipients unnecessarily worried that they would not receive their checks. The attached article…