Results for "social security"

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Surprising Social Security rules on divorce

August 16, 2017

Anyone who has read my columns about Social Security rules over the past several years undoubtedly knows that a couple must be married at least 10 years before divorcing to claim benefits on an ex-spouse's earnings record. Ho hum. But one astute...

How to fund a Social Security delay

August 11, 2017

The math is simple: For every year a person postpones claiming Social Security beyond full retirement age, benefits increase by 8% per year up to age 70, boosting benefits by up to 32%. The catch: What to do for income until then? For an increasing...

Good health is key to retirement security

August 8, 2017

The key to retirement security has traditionally focused on money. But lately, the discussion has embraced health as an increasingly important component in the retirement security equation. In fact, health status during working years and health-care...

A refresher course on Social Security claiming rules

August 2, 2017

By now, most financial advisers should be generally familiar with the changes to Social Security claiming rules that took effect last year. But it is the nuances of the new rules that can thwart a carefully crafted retirement income plan. Based...

On Social Security, financial advisers tell clients to not count on much

July 27, 2017

Ask two financial advisers what they think about the future of Social Security benefits, and you'll get two different answers. Ask three financial advisers the same question, and you'll get three different answers. And on it goes. Yet, for all...

Missing from Retirement Income Planning: A Plan

July 21, 2017

While it may be hard to believe, most pre-retirees and retired clients who work with a financial adviser do not have a written retirement income plan, according to new research from LIMRA Secure Retirement Institute, a research arm of the insurance...

How to fix Social Security

July 20, 2017

Alicia Munnell wants to make one thing clear. Social Security is not going bankrupt. The program that the economist calls "the most valuable component of our retirement system" is sustainable and can be fixed. America has just been avoiding...

Social Security reserves still expected to be depleted by 2034: annual report

July 13, 2017

The Social Security Board of Trustees on Thursday released its annual report on the long-term financial status of the Soecial Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASDI)...

How Social Security treats the survivors of young workers

July 10, 2017

I just received a sad question from a financial adviser in Indiana who asked if there would be any Social Security benefits available for a young widow and child following the death of their 25-year old husband and father in a traffic accident....

Dual income couples complicate Social Security earnings test

July 6, 2017

With so many people planning to work beyond normal retirement age, dual-income couples create a challenge for financial advisers when it comes to recommending a Social Security claiming strategy. Anyone who claims Social Security benefits before...

An adviser's guide to Social Security survivor benefits

June 29, 2017

One of the primary tenets of financial planning is to anticipate a worst-case scenario and to implement a strategy to buffer the risk. For many families, the untimely death of a parent or spouse can spell financial disaster. While Social Security...

Don't mess with Social Security disability rules ​

June 20, 2017

Most of the questions I receive about Social Security claiming strategies pertain to retirement and survivor benefits. But increasingly, readers have been soliciting my advice about Social Security rules regarding disability benefits. It is...

Retiree health care costs rising faster than Social Security benefits

June 14, 2017

Health care costs in retirement are rising twice as fast as the average annual increase in Social Security benefits, putting a crucial source of retirement income on a collision course with one of the biggest expenses retirees face. Over time,...

What every woman should know about Social Security

June 9, 2017

Women tend to live longer than men, meaning they spend more time in retirement and often do so with less savings, given their lower average lifetime earnings. They are also more likely to live alone in old age due to widowhood or divorce. Consequently,...

Social Security cost-of-living adjustment predicted for 2018

June 5, 2017

Social Security beneficiaries have lost nearly a third of their buying power since 2000 as the costs of items typically purchased by the elderly have significantly outstripped the annual inflation increases in their retirement benefits, according...

How to maximize Social Security benefits under new rules

May 26, 2017

Deciding when and how to claim Social Security benefits is one of the most important financial decisions that most retirees will ever make. Despite changes to two key claiming rules that took effect last year, there are still enormous opportunities...

Rectifying Social Security's flawed advice

May 24, 2017

Forgive me if you are tired of reading about the bad advice being dispensed by Social Security representatives. But this story has a happy ending and offers some helpful, step-by-step guidance of how to help clients caught in a bureaucratic...

Social Security Administration steps up online security

May 15, 2017

Here we go again. The Social Security Administration announced that, beginning June 10, users of the agency's online services will need a one-time code to log into My Social Security accounts, which provide access to personal benefit estimates...

Retirement taxes are not for sissies

May 11, 2017

You may have heard the saying "old age is not for sissies." Well, neither are taxes when it comes to figuring out how an extra dollar of retirement income can boost taxable income by three times that amount. "Taxes are a critical piece in retirement...

Social Security blocks clients' claiming strategies

May 9, 2017

I am detecting a pattern. Time after time, a financial adviser recommends how a client should claim their Social Security benefits in a way that will maximize their lifetime income, only to be thwarted by a well-meaning Social Security representative...

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