Archive | 55 & older RSS feed for this section
Dad and child

How does a minor get Social Security?

Your child, or grandchild is a minor. When a child is entitled to Social Security benefits, the Social Security Administration (SSA) will appoint a representative payee to receive benefits on behalf of the child. Usually this is the parent. The representative payee collects the benefits and pays the child’s living expenses until the child turns 18 […]

Read full story · Comments { 0 }
Investing_money

Will working longer, or part time, increase, or decrease, my Social Security benefit?

Most people don’t know how their Social Security benefit is determined. Being unaware leads to this very common question – Will working longer increase, or decrease my Social Security benefit?   Working longer, even part time, will NOT reduce your benefit. And in some cases, may increase your benefit. The below short article explains in […]

Read full story · Comments { 0 }
COS_09

How might you replace lost income as a survivor?

Most people don’t realize (or do, but don’t plan for it) that, as a couple, there is lost income from Social Security automatically built in. I discussed examples in a post titled “Social Security and Survivor Considerations.” In this post, the question is … How much money* is needed to replace that lost income? First, the […]

Read full story · Comments { 0 }
1 C Retirement Distribution Process

A Simple Retirement Income Process

Working or retired, the focus of most people is keeping their check book full of money for the monthly expenses they have. While working, the source of the money is obvious … it is from you working. While retired, the source of the money is less obvious … it is from your money working. So […]

Read full story · Comments { 1 }
401k bottle

Tapping a 401k – is it age 55 or 59 1/2? Strategy?

Most people are aware of the 59 1/2 age rule to begin withdrawing money from an IRA without tax penalty. Few are aware that age 55 is when this applies to a 401k. What are your options? Caveat (of course): you need to have left your employer – how doesn’t matter – at 55 or […]

Read full story · Comments { 0 }
Coruja_da_filosofia

Already receiving Social Security – you might need a check up!

Security Planning isn’t just for people who haven’t claimed yet. People who are already receiving Social Security often forget about other benefits they may be entitled to after having filed. The wise owl circles back to review things they’ve done in the past to be sure something wasn’t forgotten! This is not second guessing – it […]

Read full story · Comments { 1 }
QMT31TBG60

Social Security and Survivor Considerations

Did you know that Social Security for couples has a built in pay cut for survivors? How does that happen? Retirement has three basic phases for couples: Phase 1: Both are here – Retirement Plan. Phase 2: One is here as the survivor – Survivor Plan. Phase 3: Neither are here – Estate Plan. Most couples […]

Read full story · Comments { 2 }
Social Security

Can you “restrict” your Social Security now?

Did you turn 62 by 1 Jan 2016? Your options later if you didn’t. If you did turn 62 by then … … you retain the ability to claim just your spousal benefits (Why? answer later) from your spouses Social Security record when you turn 66 or later (called restricted claim for spousal benefits). With a couple of […]

Read full story · Comments { 0 }
social security

Is File and Suspend Dead for Social Security?

Okay, the first part of the new Social Security rules* has gone by – we’re into May now and you may have read already about the demise of File and Suspend. Rather than talk about what one could have done (a moot point), I’ll discuss what works now. I’m writing this in early February thinking […]

Read full story · Comments { 0 }
Holiday_spending,_Creating_budgets_for_traveling_expenses,_bills,_gifts_can_prevent_going_into_debt_111117-M-DU612-007

Spending Shocks, Budgets and Savings: Working and Retired

Whether you are still working, or retired, most people haven’t structured their budgets for spending shocks. In truth if you spend less than you could, regardless of working or retired, you build in a buffer that helps keep stress on your financial life lower. Most recognize the below as logical. Yet, many spend everything that comes […]

Read full story · Comments { 0 }