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Supplementing Your Social Security Income
Most who collect benefits say that Social Security is a “major” part of their retirement income. But Social Security was never meant to be the sole source of income during retirement. Rather, the program was designed to only supplement your retirement income, leaving…
Medicare Open Enrollment During the Pandemic
The upcoming annual Medicare Open Enrollment Period is just around the corner, starting on October 15th and running through December 7th. This is the annual timeframe during which those eligible for Medicare can evaluate and, if appropriate, select a new Medicare…
Claiming Social Security Early May Be Right for You
Most people know that claiming benefits at age 62 means a benefit at least 25% less and, depending on your full retirement age, perhaps as much as 30% smaller. But life’s realities are such that sometimes claiming at age 62…
About Social Security’s Future
It’s been quite widely reported that Social Security will be facing financial difficulties in the not-too-distant future. And that was true even before the COVID-19 pandemic ravaged the U.S. economy. But the pandemic isn’t the real reason Social Security is in…
When Taking Social Security Before Age 70 is Smart
Most financial advisors will counsel their clients to wait as long as possible, up to age 70, to claim their Social Security benefits. And with good reason, because age 70 is when your benefit reaches maximum, usually about 76% more…
Regret claiming Social Security too early? Here’s what you can do.
Age 62 is the earliest you can claim Social Security retirement benefits and, not surprisingly, that is the age that most people claim their benefits. But, claiming at 62 will mean that your benefit amount will be permanently reduced by…
Will you be living in poverty when you retire?
According to Teresa Ghilarducci, leading expert on retirement, half of Americans aged 55 and up will retire in poverty living on less than $20,000 a year. Why? Americans losing their jobs and health insurance because of COVID-19, losing the employer…
What is the new retirement account?
What is the new retirement account? No, it’s not a new IRA or 401(k); it’s your health savings account (HSA). A health savings account is a special type of savings account designed for medical expenses and reduces your taxable income.…
There’s no one-size-fits-all ideal retirement age.
What is your best age to retire? When it comes to retiring, there is no one-size-fits-all answer, everyone’s situation is different. However, there are two major financial factors to consider when it comes to retiring: How much you will receive…
Fewer federal employees are retiring this year
Although many people are retiring early, it seems fewer federal employees are judging by the number of claims received at the Office of Personnel Management in 2020. Through the month of August 2020, the number of claims is down about…