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Applying for Benefits at 62? Here are two key rules you need to understand.
As we’ve said many times, age 62 is the most popular age for folks to begin their Social Security benefits. This remains true even though monthly benefits are substantially discounted from full retirement age benefits–a discounting that is permanent for…
Careful planning can help you avoid falling into a retirement disaster
Here’s a frightening statistic from the 2020 Retirement Confidence Survey: “About one in four American workers have less than $10,000 stowed away for retirement.” As a consequence, it’s likely that many of these future retirees are destined to have a…
Retirement thoughts…looking beyond the numbers
So much of what we read in financial media about retirement planning and the future of programs like Social Security and Medicare focuses on dollars and cents. Of course, that’s a critical element of assessing the adequacy of one’s preparation…
Something to Consider in Strategizing on Taxation of Social Security Benefits
Conventional financial planning wisdom presents a number of viewpoints on the use of municipal bonds as a pathway to lowering the tax burden on your retirement income limit. While that may generally be a decent strategy to consider, there are…
Understanding the rules can help you get what you’re entitled to.
That Social Security is complex is certainly no surprise to anyone who’s take a look at it, and certainly not to hose who have joined the ranks of beneficiaries. That’s why it’s important–make that essential–that folks aging in to the…
When to Take Benefits…the Neverending Question
The AMAC Foundation’s Social Security Advisory Service, a free-to-the-public program with a staff of trained and accredited advisors–field about 500-600 requests for counseling each month. And the most frequent question received by the service goes something like this, “I’m 62…
Older workers are defying the skeptics
Andrew G. Biggs, a Senior Fellow at AEI, recently testified before the Joint Economic Committee on Building A Better Labor Market: Empowering Older Workers For A Stronger Economy, stating “Americans defied the skeptics to extend their work lives. He also…
Owning a business and making plans to retire
You created a business; you have worked for years and years building that business now you start thinking about retirement. Do you sell your business? Or maybe hand the reins over to family? It is important to have clarity, vision,…
If you retired early, you aren’t necessarily stuck with a bad claiming strategy
It is unclear whether the pandemic-induced increase in retirement among older adults will be temporary or longer-lasting. However, if you decided to retire during the “Great Resignation” and started to receive your Social Security benefits early before your full retirement…
Changes to HSAs and FSAs
It is a new year, which means changes to your health savings account (HSA) and flexible spending arrangements (FSA). The Internal Revenue Service (IRS) has increased the contribution limits for both HSA and FSA accounts; however, some rules will stay…