Your Social Security can be worth more in golden years’ income than your 401(k) or individual retirement account. The trick: Know at what age to best file for benefits.
Many people file for Social Security right at retirement and soon see a statement showing potential benefits at various stages of life. What if you don’t file at age 62 or 66? Here’s the math to compute your monthly benefit no matter when you file.
More than 56 million Americans have some type of disability, according to the Census Bureau. Autism, for example, affects one in 50 children. For parents of a child with a disability, the great fear is: “What happens when we’re gone?” One answer: Set up a trust for the child. Here is how.
To support a special-needs child during and beyond your lifetime requires truly special planning. Not only are there more costs and uncertainties but also heavier emotional weight.
It’s a sign of how much trouble we’re in when a federal budget deficit of a half trillion dollars seems like fiscal restraint.
Today’s retirement may look nothing like your parents’ or grandparents’. People live longer, benefits grow thinner, and health-care costs rise. Review your financial situation and start planning early so that this new retirement doesn’t catch you unprepared.
Jobless stats drop steadily and companies being to cry for workers. Our national future may hinge on filling jobs fast. One contentious solution seems best: Workers from beyond our borders.
I recently heard Neil Howe, a demographer who pays lots of attention to social and population shifts in this country. He mentioned that there are four million job openings right now. Four million.
You might be thinking about retiring, but how do you know when you are really ready for it, mentally and financially?
For decades, the normal retirement age was 65. This was when you became eligible for Social Security and Medicare. Things are different today. Baby boomers get full Social Security at 66, for instance, and younger generations will have to wait longer.
Answer these five questions to find out how, when and if you should retire:
When helping people get ready for retirement, I find the same issues come up over and over. Thinking ahead can spell the difference between a successful retirement with enough money and a stressful one with difficult decisions that you don’t want to make.
1. Understand Social Security. The goal with Social Security is not to get the most you can from the government in your lifetime. It is to optimize the amount you receive per month when you finally retire.
How long do you think you will live? How long does your money need to last? If you’re like most people, you get this age wrong.
The consequence? Faulty retirement planning, overspending now and running out of money before you actually reach your true longevity. Or spending too little now, depriving yourself of a comfortable retirement before your death.