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 […]
Changes needed for Social Security to be better funded often ignore a simple point – who benefits from the change? Short answer – anything done, to improve funding, benefits our children and grandchildren. Social Security is a multi-generational program … people forget this when they view it as a government program and mentally picture government (bad) […]
Gone are the days of work, golden watch and retirement with a pension. Few companies offer pensions today and government workers are also being shifted to retirement savings plans where they contribute instead of being solely employer based. Longevity was shorter when pensions were the rule so the pension plan was on the hook for […]
Many people take Social Security too soon because of many different reasons. If you can structure your retirement just a bit differently, delaying Social Security leads to higher benefits once you do start. For some, delaying is not an option because they didn’t save enough for retirement to begin with – and thus Social Security becomes the […]
Are you having benefits with held by Social Security because you are working now? How can you increase your Social Security income later? You still have choices up until age 70. The Senior Citizens’ Freedom to Work Act of 2000 has resulted in many strategies and options when it comes to claiming your Social Security benefits. My […]
Did you know that even if you started Social Security early, you can suspend your benefit after you have reached Full Retirement Age (FRA), (between 65 and 67 depending on your birth year) and then restart it again anytime up to age 70! You might ask “Why would you do that?” You may not have an […]
Well some advisers might not be sure about how to optimize Social Security. For those advisers who are aware, they know there are basics to claiming strategies and that individual situations can make claiming a bit more complicated. For example, there is even a special case where a person could end up claiming three (3) different benefits amounts through a well planned switching strategy […]
The answer depends on how long you think you’ll collect benefits, in other words, live. But … that’s the hard part because nobody really knows how long they’ll live. The answer is easier for couples since it is likely that one of you will survive the other. Therefore, one of your benefits should be delayed in […]
Horsesmouth Social Security COLA View more documents from Lfranksr.
Many financial advisors express frustration over their inability to get wives involved in financial planning. Whether it’s lack of interest by the wife or dominance in conversations by the husband, it is fairly common to see one-sided decision-making by married couples. I find this not to be a problem for single women because they are naturally making […]
Search The Site
About Larry Frank Sr.
As an MBA and CERTIFIED FINANCIAL PLANNER™ practitioner, I help people make sensible plans for a successful retirement. I'm also the author of Wealth Odyssey, a book about financial planning. My retirement planning research is published periodically in the Journal of Financial Planning.
Have a Financial Question?
- Are market returns really the key to your portfolio value?
- Rebalancing? How does it work?
- Resources to help with aging issues
- The Dividend Income Illusion.
- Seniors: Do You want to Age in Place?