Results for "social security"

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Specialize in serving women? You'd better know Social Security strategies

October 24, 2019

Advisers who specialize in working with women need to be knowledgeable about Social Security strategies because women rely more heavily on this source of income than men, according to retirement expert Mary Beth Franklin. "Women tend to live...

Why more seniors are working longer

October 24, 2019

Over the past two decades, the share of older workers increased by about one-third as more women continued to join the workforce and fewer men retired early, according to a new Congressional Budget Office report that examines why more seniors...

Social Security COLA for 2020 will be 1.6 percent

October 10, 2019

The Social Security Administration announced Thursday that benefits and the maximum amount of wages subject to payroll taxes will increase by 1.6% in 2020, more than a full percentage point less than the 2.8% cost-of-living adjustment posted...

A Social Security workaround for some divorced spouses

September 9, 2019

I stumbled upon another nuanced exception to the myriad Social Security rules that affect divorced clients thanks to the astute question of an InvestmentNews reader. Think of this as the Social Security edition of Trivial Pursuit, a game that...

2020 Social Security COLA expected to be 1.6%

September 12, 2019

It looks like Social Security benefits will increase by about 1.6% in 2020, more than a full percentage point less than the 2.8% cost-of-living adjustment this year, according to preliminary estimates by The Senior Citizens League, a nonpartisan...

Helping clients crack the code on Social Security

August 27, 2019

Deciding when to retire is very personal and depends on a number of factors, including a clearly defined vision for how and where time and financial resources will be spent, health and health-care insurance options, family longevity, and penalty-free...

Social Security rules for nonworking spouses

August 19, 2019

Financial advisers often ask me how to maximize Social Security benefits based on the ages and relative retirement benefits of each spouse in a dual-income couple, which is a typical client profile today. But for much of Social Security's 84-year...

Navigating the world of probability and certainty in your practice

October 3, 2019

Financial advisers often hang their value proposition on a phenomenon that for the most part is outside their control: portfolio gains. The laws of probability tell us that markets go up over time, but when they do and by how much is inherently...

7 retirement side gigs to help retirees make up the income gap

August 7, 2019

Many people these days are embracing the gig economy to earn extra - or needed - income beyond what they've planned for in retirement. Here are some creative suggestions for advisers to recommend to retired clients who are running low on cash...

Elizabeth Warren proposes boosting Social Security benefits by raising taxes

September 12, 2019

Elizabeth Warren released a plan Thursday to expand Social Security benefits by $200 per month with a payroll tax increase on incomes above $250,000, her latest attempt to court voters who want a larger safety net. Her proposal would impose...

Social Security has special rules for divorce

July 23, 2019

No one would deny that Social Security is complicated. With about 2,700 rules governing benefits, it is no wonder that financial advisers and their clients are often confused by the best way to maximize benefits. When it comes to divorced clients,...

Social Security and Medicare issues get personal

August 6, 2019

From time to time, I write a "dispatch from the retirement front" based on personal insights from living with a retired husband or fielding questions during girlfriend getaways about enrolling in Medicare and claiming Social Security benefits....

Clients worry about future Social Security cuts

August 12, 2019

A new survey underscores how important Social Security benefits are to older clients and shows many advisory clients fear that their lifestyles could be seriously curtailed if benefits were cut in the future as a result of the program's long-term...

Retirees lose $3.4 trillion by claiming Social Security too early

June 28, 2019

Despite all the talk about the value of maximizing Social Security benefits, it seems few retirees are listening. The fact that only 4% of retirees wait until age 70 to claim their maximum retirement benefits is not news. What is noteworthy,...

Terminal diagnosis affects Social Security timing

June 5, 2019

I received a heartbreaking email from a reader the other day asking for advice on when he should claim his Social Security benefit given his recent diagnosis of stage 4 lung cancer. He is 61 and no longer working. His wife is 62. "[My wife]...

Special Social Security rules for public sector employees

June 12, 2019

Questions from readers about Social Security rules and strategies seem to come in waves. The latest tsunami involves Social Security rules for public employees, their spouses and survivors — a total of about 2.5 million people. Although participation...

Widows, widowers and Social Security

May 1, 2019

I've seen an uptick in questions from financial advisers about their widowed clients and what happens to their Social Security survivor benefits if they remarry. The good news is that surviving spouses have more claiming options than other types...

How to suspend Social Security benefits

June 19, 2019

I often counsel readers about the option of suspending their Social Security benefits as a way to increase their future payouts. One reader had a simple question: How could he do it? "I claimed Social Security at 62 and I will turn 66 in December,"...

When to buy Medigap insurance

August 26, 2019

I have often written about the importance of clients enrolling in Medicare at the right time to ensure that they are not stuck paying delayed enrollment penalties for the rest of their lives. What may be less obvious, but equally important,...

Rules for claiming Social Security at 70

February 11, 2019

By now, most financial advisers and many consumers realize that delaying Social Security benefits until age 70 can pay off big time. For every year individuals postpone claiming benefits beyond their full retirement age, they earn an extra 8%...

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