Category: Financial and taxes in retirement
Note: This is the 2nd in a 3 part series called "Social Security: What You Think You Know Might Hurt You". Part 1 provided an overview of the program, how your benefit is calculated, and strategies for optimizing your benefits. This segment will concentrate on strategies for couples to maximize their benefits,as well as the rights and benefits for divorced spouses. The final section of this article discusses some of the more common misconceptions/FAQs about Social Security.
May 8, 2012 -- As we discussed in Part 1, the decision to file for Social Security benefits is a personal one that means balancing several inputs. But for married couples, these factors get even more
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Published on May 8, 2012
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Category: Financial and taxes in retirement
Note: This has become Module 8 of our Retirement 101 Online Retirement Course. We have written several other articles about Social Security you might also enjoy: "Social Security Quiz- A Learning Experience", and "What Is Your Social Security Worst Claim Scenario". Important changes to spousal claiming strategies occurred in 2016, these are referenced in our later articles.
April 24, 2012 -- We were vain enough to consider ourselves experts on when and how to start collecting social security. That is, until we attended a talk last week in Old Saybrook, Connecticut by Kurt Czarnowski of Czarnowski Consulting. Boy, the things we didn't know, and the others so misunderstood! This Module is Part 1 of a 3 Part Series. Here will give a brief background on Social Security and then dive into successful strategies for optimizing your return from this important safety net. Part 2 of this series concentrates on issues related to claiming strategies for couples, the rights of divorced spouses, and frequent misunderstandings/questions about Social Security. Part 3 explains "How to 'Buy' an annuity from Social Security".
First, let's start with a quote from Kurt Czarnowski: "The myths and misunderstandings about Social Security are staggering". This from a man who spent 34 years within the Social Security Administration, the last of those as a Communications Director. Given all the misinformation, it is important that
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Published on April 24, 2012
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Category: Financial and taxes in retirement
April 24, 2012 -- Update: Please see Jan. 2013 update to this article, "Social Security News Gets Worse". The public trustees of Social Security delivered bad news to the country yesterday: the Social Security trust fund will not be able to pay 100% of promised benefits beginning in 2033, 3 years earlier than previously predicted. Piling it on, the trustees also predicted that the disability component of Social Security will run out of money 2 years earlier than previously thought (in 2016). Medicare's trust funds had no change in the date of their expected exhaustion (2024), although the chief Medicare actuary, Richard S. Foster, that the projections in the report "are probably poor indicators of the future financial status of Medicare" (as based on current law).
Several factors combined to speed up the depletion of Social Security trust funds. For one, this year's cost of living projections are
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Published on April 24, 2012
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Category: Active adult communities
April 3, 2012 -- So let's assume for a moment that you have come pretty far down the line toward buying your dream home for retirement. Whether it's in a 55+ community, an active adult community, a Continuing Care Retirement Community, or just a home in a regular neighborhood - what are the steps you need to take to protect yourself from a bad investment and unpleasant surprises? This article is Part I, which covers the major financial issues to look out for. Part II will address due diligence concerns relating to community and social issues. As always, before you make a major purchasee consult with your real estate professional, attorney, or financial advisor.
1. How solid is the financial situation of your developer or Home Owner's Association?
There are a host of questions under this topic, but the basic one is this - can the organization you are about to join weather a storm, either physically (think hurricane, fire, flood, tornado) or financially. It is worth
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Published on April 3, 2012
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Category: Financial and taxes in retirement
March 13, 2012 -- If you haven't asked yourself this question lately we are willing to bet you are either super-rich, or completely oblivious. But, after you posed the question - did you give yourself an honest answer? Based on the evidence we see, most baby boomers are in denial about their retirement finances. Indeed, the Center for Retirement Research at Boston College estimates that some 51% of potential retirees are at risk of not having enough money to maintain their current lifestyle. In this article we will try to ask some important questions and deliver practical recommendations in case your financial retirement picture doesn't look that solid. There are also links to related features that might be helpful.
Taking Stock
1. Income. Step 1 is to determine what your income will be after
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Published on March 13, 2012
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Category: Financial and taxes in retirement
January 3, 2012 -- For baby boomers who decide to retire on one of the coasts, the cost of home owners insurance can turn out to be a most unpleasant surprise. Worse, these costs can escalate from year to year and provide a threat to your happy retirement. In this article we will review some of the top things you can do to both reduce your premiums and prevent them from escalating out of control in the future. You are not powerless to accept premium increases, if you are pro-active.
1. Talk with your agent. Your agent, if she is a good one, should be able to
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Published on January 3, 2012
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Category: Financial and taxes in retirement
Editor's Note: We are indebted, as we so often, to our senior member OldNassau for suggesting this topic. Thanks!
January 2, 2012 -- Resale value, Neighborhood, Home Owners Association fees, Amenities, Taxes, Climate - check, check, check, check, check, and check! Most people looking at a place to retire usually carefully consider these and many other factors before they make an offer on a home. Unfortunately, they often miss what can turn out to be an extremely important factor - the cost of home owners insurance premiums for that new home. While the cost of home insurance might not be terribly important in many areas of the country, it is critical in regions that are subject to natural disasters like
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Published on January 2, 2012
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Category: Financial and taxes in retirement
By Jay Mills
A few years ago retirement used to be about--well, retiring. Perhaps you moved to somewhere warm, bought a condo, and enjoyed the slow, relaxing pace of retirement.
Today, baby boomers are living more active, goal-oriented retirements. They're starting new businesses, traveling the world, and pursuing new hobbies. A common thread among many boomers is a desire to continue their passion for "lifelong learning." In fact, according to U.S. News and World Report, the number of baby boomers enrolled in some type of post-secondary education has increased by 20% in the last decade(1). And many are opening 529 Savings Plans and naming themselves as the beneficiaries in order to prepare
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Published on December 12, 2011
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Category: Financial and taxes in retirement
By Mike Brady
The power of cocktail party conversations should not be underestimated. Countless decisions on investments and other matters have their roots in the chit chat made over a glass of chardonnay and mustard soaked mini hot dog roll. But when it comes to choosing a retirement location, this advice could be hazardous. The financial and tax issues that affect retirement choices are particularly difficult and confusing, yet of critical importance. This article is intended to help you identify and prioritize them.
Choosing a location as a great place to move for financial reasons based on one piece of information might be a very big mistake. For example, an individual might hear
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Published on December 6, 2011
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Category: Financial and taxes in retirement
November 22, 2011 -- A survey by the Employee Benefit Research Institute found that only 13% of workers felt very confident they would have a secure retirement. To help get you into that elite group, here is
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Published on November 22, 2011
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