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Filing for Social Security early means a smaller benefit for life
In this informative article by financial advisor Bill Jones appearing the the Tallahassee (FL) Democrat, the author describes a client’s dilemma with feeling she had filed for Social Security too early and was getting much less than she was entitled…
Claiming Social Security at age 65, and the consequences thereof
For some Americans, age 65 is fixed in their mind as the date they should take their Social Security benefits. That’s probably because 65 was once Social Security’s “full retirement age”, the age at which you get 100% of the benefits…
Working longer can make up for savings shortfall
Just about every article you read about retirement, regardless of your current age, will focus a lot of attention on the need to maximize your savings, starting as young as possible, to enjoy a comfortable retirement. That’s much easier said…
An honest mistake with potentially huge consequences
What would you do if your opened your mail one day and found an application for Social Security benefits, complete with detailed personal information, that belonged to another person? And how would you feel when you realized that if you received…
Claiming Social Security early, and the risk of late-life poverty
Age 62 – the minimum age for claiming Social Security – is clearly the most popular age at which people claim their Social Security benefits. But by claiming at that early age, they are taking a significant cut in what…
Is it smart to withdraw from savings to delay claiming Social Security?
According to this Forbes article by John Wasik, withdrawing from your retirement savings in order to delay claiming to get a bigger Social Security benefit creates what he calls “opportunity risk”, a phenomenon of losing money that might otherwise be reinvested to…
Original Medicare can be costly
Yes, Medicare premiums are usually considerably lower than those for non-Medicare healthcare plans, especially with Part A being free to most people. But the costs of original Medicare over and above the premiums can mean a lot of extra out-of-pocket expense to…
Debating when to take Social Security
In this blog by Vanguard’s Senior Wealth Planner Jackie Youseff, the author jumps right into the ongoing debate about when is the best time to claim your Social Security benefit. But in stating her informed opinion, she lays out a compelling case…
Plan to work for the rest of your life? You still need a nest egg
It’s not at all surprising, what with longevity steadily increasing, that more and more people plan to work well past the “normal” retirement age, often into their 70’s. Some seniors even plan to work for the rest of their lives.…
Beware of phone scams trying to steal your Social Security information
In a chilling reminder of how low scammers will stoop to steal your identity, a senior citizen in Kentucky received a “robo-call” purporting to be from Social Security, which claimed his benefits were about to be suspended and asking him to…