When it comes to planning for retirement, many of us neglect to see the real value that Social Security provides. Perhaps that’s because active investing is seen as more exciting or because we hear a lot of doom and gloom about Social Security. But your Social Security retirement benefit has extraordinary value. Let’s consider a married couple, a man and a woman who are both 65 years old that are retiring this year. And of course we don’t have control of this, but let’s assume that they both … [Read more...]
What is the impact of working while receiving your Social Security benefit?
According to Pew Research, more older Americans – those ages 65 and older – are working than at any time since the turn of the century. Whether it’s a desire to work, a need to work, or a combination of both, you’re certainly not alone if you’re planning to work past the age of 65. You can get Social Security retirement or survivors benefits and work at the same time. But, if you’re younger than full retirement age, and earn more than certain amounts, your benefits will be reduced. But … [Read more...]
How & when to apply for Social Security retirement benefits
You’ve decided that you’re going to apply for Social Security retirement benefits, but how does that process work and when do you need to apply? … [Read more...]
Q&A How to set up a “My Social Security” account
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? Creating a my Social Security account is an important part of planning for your retirement. Your my Social Security account is the only place where you can see personalized estimates of your future benefits based on your actual earnings. The SSA uses your highest 35 years of earnings … [Read more...]
Maximizing Social Security – Time is Running Out for “Claim Now, Claim More Later”
The Bipartisan Balanced Budget Act of 2015 introduced substantial changes to Social Security law. Specifically, the new law has limited Social Security claiming strategies that would have resulted in more retirement income for you and your spouse. Time is running out to use these strategies that maximize Social Security. Two popular Social Security claiming strategies that provide more Social Security dollars are the “Claim and Suspend” and “Claim Now, Claim More Later” options. Unfortunately, … [Read more...]