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Fears about Social Security Trust funds should not prompt you to claim benefits early
The news about the Social Security Trust fund facing depletion sooner than the last year’s projection has many people worried. Many Americans are asking how will my benefits be affected? The Trustees’ report states the funds will only be able…
Claiming your benefits early may affect your spousal benefits
The Bipartisan Budget Act of 2015 changed the rules for those individuals born after January 1, 1954, when applying for spousal benefits. The confusion is, “if your spouse is not already receiving benefits and you are applying for yours early,…
Second-order effects of expanding access and participation in public retirement savings plans
Thomas Hawkins writing for 401K Specialist, explores the unintended effects of retirement savings public policies. What does he mean? “Some retirement savings public policies can seem like a sure thing; however, these “first-order” effects are inevitably followed by “second-order” effects,…
You may want to have a strategy now
The Social Security Trustees’ report was released this week, and it has some people worried. Why? According to the 2021 Social Security Trustees’ annual report, they are projecting the depletion date of 2033, one year sooner than last year’s projection.…
Health consequences of postponing retirement
A recent study found continuing to work longer in life is protective against cognitive decline, and those who postpone retirement boast stronger thinking skills than their retired counterparts. An analysis of the U.S. Health and Retirement Study on more than…
Qualifying for Social Security spousal benefits — even if you’re divorced
Many people are confused about spousal benefits even though they could be an essential part of their Social Security benefits. The spousal benefit can be as much as half of the worker’s “primary insurance amount,” depending on the spouse’s age…
The Fair COLA for Seniors Act of 2021
Social Security currently adjusts payments annually based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). However, since CPI-W has wage earners in mind, most people receiving Social Security are no longer in the workforce, and…
Are you thinking of buying your second home? If so, read this before you do
With mortgage rates near record lows, you may be tempted to purchase a second home for your future retirement. According to the National Association of Realtors, an estimated 45 percent of vacation home buyers are in their 50s and 60s…
Despite the lack of retirement savings, many workers still expect to retire early
The results of the Retirement Readiness Among Older Workers 2021 report show most workers over age 40 don’t have enough retirement savings and aren’t setting aside enough to catch up. Nearly 60 percent of workers save less than 10 percent…
Investors are prioritizing retirement and short-term cash savings
The latest Financial Wellness Report found investors are prioritizing retirement and short-term cash savings ahead of other financial goals. They also stated they do not receive any help with financial advice or education through their employers. “Sixty-five percent of respondents…