Houston Estate Planning and Elder Law Attorney Blog

Articles Posted in Social Security

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4.20.18They 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 your decision,” MarketWatch notes in its article, “Why early retirement can be a killer.” This is because there’s a significant increase in mortality among men who retire at 62 and begin receiving Social Security, according to a new study that recently was distributed by the National Bureau of Economic Research.

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1.24.18Many 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 income level and fewer deductions are the only changes, but it’s not that easy. You have to understand how retirement benefits and investment returns are impacted by federal and state laws, according to a recent article in Kiplinger, “3 Tax-Planning Mistakes Retirees Too Often Make.” Here are the three most commonly made mistakes:

Tax Loss Harvesting. Tax loss selling means selling a capital asset, like a stock, for a loss to offset a gain realized by the sale of other investments. The result is that the investor avoids paying capital gains on recently sold investments. Retirees with stock holdings should review their holdings every year to determine their market exposure and any tax consequences of selling stocks with substantial capital gains.

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7.17.17Deciding 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 to take your Social Security payments. Taking it out too early, can have a long term negative impact.

Kiplinger notes, in its June article, “What to Consider Before Filing for Social Security Early,” that some Americans are beginning see the financial benefits of waiting for their full retirement age (between 66 and 67 based on your birth year). But others don’t wait because you can take them as early as 62 with reduced benefits.

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9.21.16Certain organizations are known for providing amazing customer service. Social Security is not usually one of them. However, there are some services that Social Security does offer that are not well known and that could make life easier for many.

Good news is hard to find when it comes to dealing with large government bureaucracies, including Social Security. That makes this information provided by AARP’s article, “Discover Little-Known Social Security Benefits,” especially welcome.

Some years ago, Social Security officials saw that the long waiting time for decisions on disability applications was resulting in severe hardship for the seriously ill. As a consequence, the agency established the Compassionate Allowances List.

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6.6.16Rules on claiming benefits were never simple and recent changes have eliminated "file and suspend" techniques. Here's what you need to know about Social Security benefits right now.

Social security was originally designed to serve the elderly and destitute, but today, working Americans depend on Social Security benefits to fund part—and often all—of their retirement expenses. Kiplinger's "10 Things You Must Know About Social Security" explains the new rules about Social Security.

Here are some of the essentials you need to know.

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Bigstock-Couple-running-bookshop-13904324In the article "Social Security Changes in 2016.", AARP provided a full list of the Social Security changes for this year.

No Bump. Social Security beneficiaries will not receive a cost-of-living adjustment (COLA) due to low inflation. This is the third time since 2010 that beneficiaries won't see a raise.

Your Average Monthly Social Security Benefit. The maximum monthly benefit for workers retiring at full retirement age is $2,639. The average monthly benefit for all retired workers is $1,341.

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Money in mayo jarAn interactive online tool has been released by the U.S. Consumer Financial Protection Bureau (CFPB) that walks consumers through a series of questions to help them better understand the optimal time to file for Social Security benefits. The "Planning for Retirement" site is an attempt to address a serious problem facing older Americans who claim their benefits too early in life, which results in their receiving lower monthly benefits. The goal of "Planning for Retirement" is to show the user how to make a better decision.

In many instances, the claiming-age decision is based on limited information about the financial impact of that choice. The new CFPB tool lets people estimate how much money they can expect to receive at different ages and provides tips to help evaluate the trade-offs. The "Planning for Retirement" tool is at: http://www.consumerfinance.gov/retirement/.

Folks can claim their benefits several years before their "full retirement age" and take less money each month. Or they can wait and get bigger monthly checks. This is typically a one-time choice, so if you claim the reduced or increased benefit, that's what you get for the rest of your life, with annual cost-of-living adjustments. In addition, this decision affects the benefits your spouse will receive after your death.

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