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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…
Collecting Social Security while still working
Social Security benefits were never intended to be your sole source of income in your retirement. To maintain their standard of living, many retirees continue to work part-time or side jobs. However, in some cases, those earnings will reduce the…
Who is the Self-Directed IRA custodian and/or administrator
Do you know the difference between the plan administrator and the plan custodian? Do you know every individual retirement account (IRA) must have a custodian? Did you know each self-directed retirement plan, the administrator is a neutral third party and…
Focus on the positive aspects of Social Security
It has become fashionable to criticize Social Security based on its flaws, but there are some positive things about the Social Security program. For one thing, you can claim your benefits when you want to. You can start collecting your…