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Understanding Social Security’s Upper-Level Benefits
In 2017, the “maximum” monthly benefit available to a beneficiary retiring at their full retirement age is $2687, an amount that generally moves yearly based on National Average Wage Index. For those waiting until age 70 and earning Social Security’s delayed…
Taking a Look at Reverse Mortgages as a Social Security Deferral Strategy
Many financial advisors suggest the federal government’s reverse mortgage program as a way to put off filing for Social Security benefits. Yes, the influx of cash can enable one to defer filing, but is it always the right thing to do?…
It’s time to replace the Social Security number as identification
The theft of personal data, including Social Security numbers, on 143 million Americans shines the spotlight on a big national issue: We shouldn’t be using Social Security numbers as a means of identification in the first place. The Social Security…
Social Security 101
If you’re new to the world of Social Security and don’t understand the basics of how you earn credits to qualify, how your benefit is calculated, and how when you apply affects your benefit amount, then you might find a…
Filling the income gap if you delay Social Security
One of the questions frequently asked of retirement advisors is how does one maximize Social Security benefits. The quick answer is, of course, that delaying Social Security benefits past full retirement age – between 66 and 67 depending upon when…
Social Security benefits and the Equifax hacking
By now you’ve surely heard of the massive hacking of personal data from Equifax, one of the three major credit monitoring companies. The personal information of about 143 million Americans was stolen, and Social Security numbers were included in the…
New concepts for your retirement withdrawal strategy
The much vaunted “4% rule” has been the holy grail of retirement withdrawal strategies for at least couple of decades now, and because of its simplicity many financial advisors use it as their go-to model in retirement planning for their…
Withdrawal rules on retirement funds loosened for Irma victims
The rules for withdrawing money from retirement accounts such as 401(k)s are normally fairly strict and carry penalties if they are abused. But for those who live in areas that were affected by Hurricane Irma, the IRS has temporarily loosened…
Here’s a secret: Your Social Security number is no secret!
Back in the “good old days”, identity theft was mainly credit card fraud. Most people thought, and even today still think, that their Social Security number was and is their own personal secret identification number, and as long as they…
Freezing your credit, and how to do it
The Equifax breach of consumer personal data is only one of many which have occurred in recent years. That means that there’s a very real possibility that your personal data, including your Social Security number, may already be in the…