If it seems like every time you start to understand Social Security, there’s something else to learn, you’re right. However, this is an important part of your retirement income, so it’s important to understand. The Social Security earnings test is a way that the agency determines the limit of the…
Most people who work for a living dream of retirement. However, for many workers, the idea of retirement comes with its own worries. Will there be enough money? Will I be healthy enough to enjoy it? Money and health are the two biggest worries about retirement. There are other unknowns:…
If you’re living on your retirement savings, while waiting to start taking Social Security benefits to full retirement age or even age 70, you might be costing yourself thousands in taxes. It’s annoying. There’s no way around it. You’ve worked your whole life, and paid taxes on those earnings. Now…
Without the security of a spouse’s income, single parents must balance their children’s needs with their own retirement savings goals. Single parents who have to say no to their children over and over again, struggle with wanting to say yes when money is tight and there’s no room in the…
Selecting the individuals who will make important decisions on your behalf, when you are incapacitated or have passed away, is not to be done lightly. Is there a bomb ticking quietly in your estate plan? The chances are good that there is, says Forbes in “Defusing The Time Bombs In…
Consider these twin concepts—opportunity cost and delayed retirement credits—before you decide when to start taking Social Security. By waiting until age 70, you’ll increase your monthly benefit, but at what cost? A recent article in Forbes, “Social Security Benefits: Getting Paid To Wait,” examines the dilemma. Money managers call it…
They say that numbers don’t lie—and you definitely want to know about this data! Before you decide to retire at age 62 and start taking Social Security benefits, you may want to dig a little deeper into the statistics, especially if you are a man. “Your life might depend on…
Many things change when you retire, including tax strategies. Steps that you took when you were working, may now work against you. Knowing what has changed and what you need to do can help avoid unnecessary tax liabilities. Tax planning is different after retirement. You might think that a lower…
If you roll the money over to an IRA first, you can donate funds from your 401(k) Required Minimum Distribution tax free. Be very careful to follow the rules, so that you don’t create a tax or penalty problem. First, let’s define the RMD (Required Minimum Distributions). This is the…
Deciding when to start taking Social Security payments has to be considered in the total picture of retirement planning. The challenge of retirement planning is that once a big decision is made, you don’t have three or four decades to fix any mistakes. The same holds true for deciding when…