How Warren Buffett Thinks We Should Fix Social Security Social Security has nearly $3 trillion in reserves but is expected to completely run out of money by 2034, thanks to the gradual retirement of the baby boomer generation and generally longer life expectancies. There are several potential ways we can fix the program, but all can be split into two main categories -- raise taxes or cut benefits. Democrats generally are in favor of tax increases, while Republicans often propose some form … [Read more...]
Your Medicare Plan If You Move
Planning to Relocate? Where You Move May Affect Your Medicare Plan I’m experiencing a number of clients “cashing in” on their California real estate investment and moving to other states. I also have seen a number of clients move within California. If you’re on a Medicare Advantage plan, moving out of state or to another county will likely require you to enroll in new plans as you will no longer be in your plans’ “service area”. You only have emergency coverage when you are out of your … [Read more...]
Ways That Working Reduces Your Social Security Benefits
Just like drinking and driving is a bad idea, sometimes working and receiving your Social Security benefit before Full Retirement Age (FRA) doesn't mix. If you are receiving a Social Security benefit and earning work income before you reach full retirement age, your Social Security benefit may be reduced. … [Read more...]
Children Can Get Social Security Benefits Too
Were you aware that if you are receiving Social Security and you have kids that they are able to receive a benefit as well? These are called Children's Benefits. … [Read more...]
What Happens to Our Social Security Checks If My Spouse Dies?
Unfortunately, the death of a spouse is an inevitable fact of life in retirement. It will happen sooner or later, and so it is important to know the financial outcome for the surviving spouse related to Social Security. Will describe a couple of circumstances and how the surviving spouses Social Security may be impacted. Scenario 1 – Both spouses are past full retirement age and receiving Social Security In this first circumstance, the surviving spouse will retain the … [Read more...]
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