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Compelling arguments to start saving now
Bryce Sanders, president of Perceptive Business Solutions Inc., explains as a benefits plan professional, you might need to train employees on the idea of starting early to plan for retirement is better than waiting. However, if you need to make…
What Social Security’s shortfall means for you
The Social Security Trust Fund, which pays retirement and survivors benefits, will be able to pay scheduled benefits on a timely basis until 2033. At that time, the trust fund’s reserves will become depleted, and continuing tax income will be…
Strategies for lowering your health care costs in retirement
According to the experts at Fidelity, you will need about $300,000 to cover your health care costs, that’s even with Medicare, in retirement. That amount can seem daunting, but Kate Ashford points out some steps you can take to keep…
Are you on track to receive your maximum Social Security benefits?
Social Security benefits represent about 33 percent of the income of the elderly. Among elderly Social Security beneficiaries, 50 percent of married couples and 70 percent of unmarried persons receive 50 percent or more of their income from Social Security.…
Five ways to apply for Social Security benefits online
Social Security offices are currently open only for in-person appointments for limited, critical situations, depending upon local office; this leaves many people frustrated and confused about applying for their benefits. The good news, there are five ways to apply for…
Should you claim benefits at 62?
How often do you hear that “I’m going to claim my Social Security at 62 to get all my money back that I paid into the system.” First, that is not a good reason; Social Security is a pay-as-you-go system,…
Will I still get spousal Social Security benefits after my ex-wife dies?
Jim Blankenship of MarketWatch has a lengthy piece here that explains spousal benefits. The specific topic here is what happens when your ex-spouse dies and you have been collecting spousal benefits off of him/her. The answer is the benefits cease. …
Plan to Claim Social Security at 62, Even if you Don’t
Maurie Backman’s piece notes the advantages of delaying Social Security until full retirement age of 67 (for those born in 1960 or later) or the maximum retirement age of 70. But, as she notes, life is unpredictable, whether it be…
Gen Z and millennials may not be able to count on Social Security
Jordan Awoye, managing partner at Awoye Capital, has an op-ed for CNBC here where she cites a Northwestern Mutual 2020 Planning & Progress study that states 23% of Gen Z and 26% of millennials actually believe there is little likelihood that they’ll…
2 Stocks to Supplement Your Social Security Income
Brent Nyitray explains Real estate investment trusts (REITs) in this piece. He says they are often fertile ground for retirees seeking income with little risk to supplement their Social Security benefits. REITs are required to distribute 90% of their income as dividends, and two…