Retirement isn’t easy for most couples, and it’s even harder for lesbian, gay, bisexual and transgender (LGBT) people. A modest amount of planning can go a long way to providing the financial support you need.
If you receive a government pension, your Social Security benefit may suffer a reduction due to a rule called the Windfall Elimination Provision. It pays to know how it works when you plan for your retirement income.
Is Social Security going bust? As the program turns 75 this year, that’s a valid question. A lot of people fear that they can’t expect benefits in the future. Not to worry: The system’s solvency problems aren’t that bad, and Congress can enact some easy fixes to ensure its ongoing stability.
If you’re like most who think about how much you need for your golden years, you probably calculated based on still having a spouse. Widows, widowers and divorcees approaching retirement and about to file for Social Security, though, need to recognize filing options that can significantly increase monthly benefits.
You’ve saved for years. Now that retirement is here (or near), how do you create an income plan from your savings? There are five steps.
If you already started Social Security benefits, can you change your mind? Yes. With a little trick called “file and suspend,” you can put your benefits on hold and restart them later to maximize retirement income.
Single folks who were never married have fewer Social Security filing options. Still, you should understand what they are and which fits your needs best.
Social Security has a way of making your life decisions difficult. When divorce and remarriage enter the picture, things get very complicated.
Women are more vulnerable to financial insecurity because they typically live longer and earn less. Making the right financial decisions is therefore crucial for all women, from Social Security to the rest of their retirement planning.
We all often hear about how dire the retirement outlook for Americans is. While the overall situation is scary, I like to focus on the benchmarks that everyone can target without feeling like they’re losing before even starting.