Here’s a paradox: In countries with large social safety nets, a survey shows that people have less retirement confidence than do those in developed nations with little or no such government old-age support.
Why do baby boomers face such dispiriting retirement prospects? The enormous size of this age cohort, born between 1946 and 1964, led to a ratcheting back of old-age benefits. Statisticians figured society simply couldn’t afford to be as generous.
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.