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More on the Retirement Savings Crisis
With less than a quarter of Baby Boomers (born 1946 to 1964) and Gen-Xers (born from the mid-1960s to the mid-1970s) expressing confidence in their financial ability to support retirement, The Hill’s Cathy Weatherford outlines what is considered a “bonafide crisis,”…
Filing for Social Security at 62–Why and Why Not
According to many media accounts, age 62 is still the most popular age for people to sign up to begin receiving their earned Social Security benefits. There may be sound reasons for this, but there may also be some situations…
There’s Plenty You Should Know About Social Security Disability Benefits!
(Source – Social Security Administration) Life is unpredictable. When something interrupts your plans, it’s good to know there’s a way to supplement your income, in case of an unexpected life event. Social Security has a strict definition of disability based on…
Career Builder: 50% of Workers Extending Their Retirement Horizon
Based on the results of a survey of workers age 60 and over conducted last month by Career Builder, it appears clear that the traditional age 65 (or 66) goal line for sliding into retirement is drifting away. In fact,…
The Social Security Solvency Dilemma–Some Thoughts for All Age Groups
If you’ve kept up with media accounts of Social Security’s looming solvency problem, it’s no secret that absent substantial corrective measures, benefits face reduction in the not-too-distant future. There have been quite a few corrective proposals put forth, but whether…
Bipartisan Policy Center on Social Security Reform
The co-chair of The Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings, James B. Lockhart III, provides commentary on the need for Social Security reform in an article posted on www.cnbc.com. In the article, he recaps the projected Trust Fund…
Early Retirement and the Related Taxation Issues
If you’re approaching age 62 and considering taking the step into early retirement, there are a few key strategic considerations that come into focus as you think ahead to how your income will be taxed. In an article by retirement planning specialist Michael…
Careful Social Security Planning is Critical in Senior Divorces
Asset valuation in a late-in-life divorce situation needs to take into account the value of spousal benefits, an area that tends to be often overlooked. Most settlement calculations focus on defined assets, like cash on hand, property values, and vested…
Retirement Investing Myths Dispelled
We all have heard the “standard” advice about investing for your retirement but are they accurate? Judith Ward, Forbes contributor and Senior Financial Planner and Vice President of T. Rowe Price Associates, Inc., dispels the three most common investing myths that…
Tax Deduction and Medicare
In Maurie Backman’s article for The Motley Fool (www.fool.com) she writes that Medicare premiums for Part B, Part D, supplement premiums for added insurance, out-of-pocket costs (such as copayments, prescription expenses) are indeed tax-deductible. However, you can only deduct expenses…