I often write about the investment business – or wealth management, financial coaching, financial planning, estate planning, whatever you want to call it. After more than 40 years as an advisor, all titles simply point toward telling folks what to do with money. Then my wife’s close friend called with the news that her husband had stage 3 cancer.
When we talk about financial fitness, one of the most important measures is the value of our assets. The problem is that we often have false expectations about some asset types, and we need to break those illusions to focus on our real financial condition.
If you’re fortunate enough to look forward to a company or state pension, retiring as soon as possible and collecting the benefit may tempt you, or you might want to collect Social Security benefits at the minimum age of 62. Before launching your golden years, consider all effects on delaying retirement and continuing to work.
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.