retirement
Ask Rusty – About Social Security’s “First Year Rule”
Dear Rusty: I’m considering filing for my SS at age 64 in February, before my full retirement age of 66 years and 10 months. I’m working full time and would like to continue earning until I meet the $21,240 limit…
Retirement Finance Strategies–“Bridging” Might be a Way to Maximize Your Position
The general emphasis on waiting as long as possible to claim Social Security benefits is something many aging into eligibility hear from advisors, and it’s clear that taking advantage of the program’s “delayed retirement credits” produces the highest monthly benefit…
Secure 2.0 and RMDs: What’s Changed?
Secure 2.0 was enacted into law in late December, bringing with it a change in the timing for required minimum distributions (RMDs) from retirement plans. It can be a bit confusing for those right around the age to begin, so…
Saving for Retirement: Here are Some Thoughts to Help You
Social Security benefits are not designed to completely replace pre-retirement income levels. Everybody generally knows that, but how many are aware that the replacement rate is really around 40% or less? As a result of this reality, it becomes essential…
Another Vote Against Claiming Benefits at Age 62
Statistically speaking, you’re a rare case if you wait until age 70 to begin drawing your Social Security benefit. As many (most?) financial advisors suggest, you’re also a savvy planner, since your monthly benefit will be maximized–fully 24% greater than…
The two extraordinary measures Treasury anticipates implementing
The Department of Treasury Secretary Janet Yellen notified Congress that the department would take its “statutory extraordinary measures” and suspend investments in some federal retirement programs. What retirement programs are these? And no, it is not Social Security. To find…
Early retirement may impact cognitive functioning
A recent study suggests early retirement may accelerate cognitive decline later in life. Plamen Nickolov, assistant professor of economics at Binghamton University, said, “ We find that increased social isolation is strongly linked with faster cognitive decline among the elderly.”…
Should you claim Social Security at 65?
Full retirement age is when you become eligible for unreduced Social Security retirement benefits. Your full retirement age is determined by the year and month you were born. The retirement age gradually increases by a few months for every birth…
Avoiding stealth taxes
The majority of American workers save for retirement in pre-tax savings vehicles such as 401(k) and IRAs, not understanding the potential costs later in their retirement. What are those costs? Stealth taxes can increase your income tax liability and reduce…
Secure 2.0 Act will benefit both employers and employees
The SECURE 2.0 Act is now law. The legislation provides a slate of changes that could help strengthen the retirement system—and Americans’ financial readiness for retirement. It will be easier to save and give more tax credits to small businesses;…