Social Security recently announced a 2.0% cost of living adjustment (COLA) for the upcoming year of 2018. This is a much higher increase than past years, thankfully. It brings up the question of whether Social Security COLAs truly will help retirees keep up with future increases in costs. … [Read more...]
When delaying Social Security is a risky idea
As few as 1% of Americans delay until the age of 70 to take their Social Security. I believe there are several reasons for this, but primary among them is that they do not have a plan that will allow them to delay. … [Read more...]
How to set up a my Social Security account & why it’s so important
Perhaps you’ve heard that millions of Americans have created online accounts with the Social Security Administration called my Social Security accounts. But why do these accounts matter and what can they do for you? … [Read more...]
Case Study – A Widow Increases Her Lifetime Benefits
My client, who I’ll call Sarah, recently lost her husband, Alan, prematurely at his age of 62. Fortunately, Alan and Sarah had saved diligently for retirement and Alan also had several life insurance policies in place on his life. Sarah and I met recently to review the best way for her to take her Social Security option, since she had retired a few months earlier. … [Read more...]
Why You Shouldn’t Use “Break Even” Analysis For When to Claim Social Security
One of the most common questions people approaching retirement age have is “When should I claim my Social Security retirement benefits?”. In fact a new client recently asked me “No one in my family has lived past 80, so shouldn’t I claim my Social Security early in order to make sure I actually get to use it?” The timing of that decision can have an enormous impact on your financial situation in retirement, and I find that some of the advice given to people doesn’t show the full picture. When … [Read more...]
