There can be confusion about Federal Employees and Social Security about CSRS, FERS, and something called “CSRS offset.” Let’s see how these federal retirement plans interact with Social Security. The Civil Service Retirement System (CSRS) was enacted in 1920 to give federal employees pension benefits at retirement. When the Social Security Act was passed in 1935, […]
Social Security does have a maximum payout called the Family Maximum. It may apply to families who are retired, family survivors, and families of a disabled person receiving benefits. There is a formula for the benefit which is complicated. Your Social Security statement specifies what the maximum benefit may be. The values the formula uses […]
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 […]
The foundation to answer where does fear of outliving money come from was laid in yesterdays’ post (Part I). Why is all of this important? The fear of outliving your money also (there’s another reason listed below) comes from behaviors of the present self not considering the impact of present actions on your future self. Chile’s […]
You see the headline all the time that has something to do with basically these four words: Risk, Outliving, Longevity and Money. The viewpoint that you may outlive your money because of increasing longevity (people are living longer) is based on a faulty assumption! That assumption is built into calculations the profession uses when estimating retirement […]
The College Scorecard website, from the U.S. Department of Education, helps high school students, and others, find and compare colleges and universities across the country based of various search characteristics. Results have been revamped to show average cost of attending, graduation rates, and average graduate salaries compared to the national average. Another website is Educate to […]
Before you consider obtaining more debt for a mortgage, how much mortgage should you get? Lenders look at what is called your debt-to-income (DTI) ratio (with target ratio percentages). So what is your DTI ratio? This calculator determines your DTI for you and also discusses the various considerations debt may have. Both sites above help […]
While most people think of college planning this time of year meaning the beginning of college, what are your payment options for student debt once you’ve graduated? Student debt that you have under the present day Federal programs is NOT the same as private debt most people are familiar with. The Consumer Financial Protection Bureau (CFPB) has […]
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 […]
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 […]
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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
- How do Safe Withdrawal Rates compare to Dynamic Retirement Income?
- The Dividend Income Illusion.