One of the most important skills in retirement is determining what to do with each dollar. The reality is, there are only four things you could do with each dollar, and so it is vitally important to understand what these four tools are so that you can make effective decisions on how to allocate your assets. In today's video we will overview the 4 Financial Tools: [embedyt] https://www.youtube.com/watch?v=fETHVEC9slc[/embedyt] Feel free to contact me if you have any questions. … [Read more...]
Are my Social Security benefits taxable?
I often get questions about the tax consequences of Social Security benefits. Whether or not Social Security benefits will be taxed depends on a concept called Provisional Income, which was created by the IRS. Provisional Income combines an individual's adjusted gross income, half of their Social Security benefits, and any tax-exempt interest. Depending on the total amount of Provisional Income for the year, Social Security benefits may be subject to taxation at the federal level. … [Read more...]
Don’t confuse delaying Social Security with having to work longer
If you've been to any of my Maximizing Social Security courses, you probably understand that I think that delaying Social Security at least for one spouse makes a lot of sense. Ideally if a spouse can delay their own Social Security until age 70, it will provide maximum payments for them and the subsequent surviving spouse and put less pressure on the investment portfolio to deliver results year in and year out. … [Read more...]
How can I improve my own Social Security benefit?
As you approach retirement, there are fewer and fewer opportunities to increase and improve your own Social Security benefit, but they still exist. The benefit amount of the Social Security benefit for your own working record is based on a complex formula that takes the highest 35 years of your work history. Therefore, the easiest way to increase your own Social Security benefit is to maximize these 35 years. If you are an individual who has not worked in the Social Security … [Read more...]
Don’t run out of money – Part 4
This week we tack part 4 of our 4-part series called "Don't Run Out Of Money". This week will be talking about a third way that retirees can reduce the sequence of return risk... [embedyt] https://www.youtube.com/watch?v=mR7z_iC92oQ[/embedyt] If you have any questions please feel free to contact me. … [Read more...]
How good is the claiming advice that Social Security gives?
When seeking advice on Social Security claiming, one must be careful who to consult. A lot of Social Security advice that gets implemented is based on conversation with friends and family or around the water cooler with coworkers, comparing the age that they claimed benefits. Everyone's circumstances are unique and so one temptation may be to go directly to the Social Security Administration for advice about claiming strategies, bypassing all other sources. It may be a … [Read more...]
Don’t run out of money – Part 3
This week we tack part 3 of our 4-part series called "Don't Run Out Of Money". This week will be talking about another way that retirees can mitigate the sequence of return risk... [embedyt] https://www.youtube.com/watch?v=dspTUv4EhtE[/embedyt] If you have any questions please contact me. … [Read more...]
What is the impact of remarriage for the surviving spouse benefit?
The surviving spouse benefit is a critical part of retirement planning. At some point in time, nearly every married couple will have to deal with the loss of their spouse and the financial ramifications that go with it. When both a husband and wife are eligible for a Social Security benefit, and one spouse predeceases the other, the surviving spouse is entitled to the higher of the two Social Security benefits. Assuming the surviving spouse has reached full retirement age, they are … [Read more...]
Cost of Healthcare in Retirement
Fidelity Investments releases a study each year estimating the out of pocket cost for healthcare expenses. Their recently updated study for this year puts the tab at $275,000 for a couple during retirement (https://www.fidelity.com/viewpoints/retirement/retiree-health-costs-rise), which is $15,000 more than the last time they released their numbers. This does not include the potential cost of long term care expenses, which added an additional $130,000. … [Read more...]
Don’t run out of money – Part 2
This week we tack part 2 of our 4-part series called "Don't Run Out Of Money". This week will be talking about the first way that retirees can mitigate the sequence of return risk... https://www.youtube.com/watch?v=iI7oatr5Mw4 … [Read more...]
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