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Social Security & The Marshmallow Test
It’s a classic. Do you eat a marshmallow now or wait for a guaranteed, bigger one later? So it is also with the decision of when to take Social Security benefits. Indeed, consuming now means having less money later. Read the…
What to Fear Financially this Halloween Season
It’s October and thus a time to be afraid of ghosts and goblins, but when it comes to finances, writer Russ Wiles of The Arizona Republic puts in perspective what we should fear versus what is overblown. Wiles discusses stock…
The Myth of “Greedy Geezers” & Social Security
The line goes something like this: The old are sucking all the blood from Social Security, leaving the young with nothing to count on when they will retire.” But it’s not so according to Teresa Ghilarducci writing in Forbes Magazine. …
Consider your spouse when electing to take Social Security
Dan Caplinger stresses the importance of a married couple taking into account spousal benefits before electing to take Social Security too early. Claiming benefits at any time before age 70 will yield a lower benefit than otherwise waiting. If single…
Retiring a Millionaire: Not Just for the Uber-rich
A recent report from United Income states one out of every six retirees is a millionaire. The number has more than doubled since 1989, in part due to inflation but also because seniors are in fact becoming wealthier. The key to becoming…
Myth: Congress spends Social Security funds on whatever it chooses
Kudos to Sean Williams of The Motley Fool for taking on such a widely held misnomer that Congress uses Social Security surpluses as its own personal “piggy bank”. In three words, it’s patently untrue. Williams explains how excess Social Security funds…
Some seniors will continue to struggle even with a raise
Maurie Backman of The Motley Fool notes that many seniors still struggle to make ends meet on Social Security. Over-reliance on benefits is the main reason, as benefits only replace about 40% of pre-retirement income. Cost of living adjustments have been…
What does a 2.8% COLA mean to most?
The 2.8% cost of living adjustment announced on October 11th is the highest since 2012. It will take effect on January 1, 2019. The average retired worker now receives $1,422 a month. But after their “raise,” the average retiree would net…
Estimating Retirement Income Needs…An Area of Particular Import to Women
According to a post by MarketWatch’s Alessandra Malito, “(o)nly slightly more than a third of women know how much to expect in retirement income.” Consequently, they face potential financial problems when they reach that point, especially if they’ve been unable to reach…
The Unintentional “Forever Career”
“Retirement savings, or lack thereof, represent a crisis for many Americans.” That’s a quote from an article by WFAA-TV’s Jason Wheeler posted on on www.wfaa.com. His article, supported by a video presentation describing the financial crisis facing many retirees–current and future–covers the reality…