Results for "social security"

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Educate clients on the reality of Social Security benefits

July 6, 2019

Year after year, despite handwringing from experts, nothing much seems to happen to address the draining of Social Security trust funds. Perhaps no one is worried because the well won't run dry for more than a decade, and much of the public...

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,...

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,"...

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...

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]...

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...

Financial planning for same-sex couples has changed immensely since 2015 Supreme Court marriage ruling

June 21, 2019

Financial planning for same-sex couples has undergone a vast transformation in the four years since the Supreme Court made same-sex marriage a right nationwide, according to advisers who work with LGBTQ clients. "It's changed in a lot of ways,"...

Future retirees often overestimate Social Security benefits

May 8, 2019

Chalk it up to wishful thinking, or merely misinformation, but many future retirees overestimate how much they are likely to receive from Social Security, according to an annual survey released Wednesday by the Nationwide Retirement Institute....

Hints about Social Security COLA and Medicare premiums in 2020

May 6, 2019

Buried in the recent Social Security and Medicare Trustees' Report were some hints about next year's projected cost-of-living adjustments for Social Security benefits and likely increases in Medicare premiums for 2020. The fact that the Medicare...

Older Americans are twice as likely to work now as in 1985

April 22, 2019

Just as single-income families began to vanish in the last century, many of America's elderly are now forgoing retirement for the same reason: They don't have enough money. Rickety social safety nets, inadequate retirement savings plans and...

Future retirees ponder Social Security strategies

March 6, 2019

I often get questions from people who were born in 1960 or later about whether it would make sense for them to delay claiming Social Security benefits beyond their full retirement age of 67. My usual answer is I don't know. Much of that decision...

2019 is a key year for Social Security

February 20, 2019

I'd like to try to clear up some confusion about Social Security claiming strategies that was triggered by one of my recent columns.​ In last week's column, I wrote that people who reach their full retirement age of 66 in 2019 are the last...

Choosing between a retroactive lump sum and a bigger monthly Social Security benefit

March 19, 2019

Jim Perry, a financial adviser with Edward Jones in Coral Gables, Fla., was surprised to learn that retirees who claim Social Security benefits after their full retirement age are eligible for up to six months of retroactive benefits paid in...

Three retirement planning conversations advisers can't ignore

June 4, 2019

Many people feel overwhelmed when it comes to saving and investing for retirement, particularly when the transition into this new life stage is imminent. Advisers play a critical role in supporting clients through their retirement journey, with...

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%...

Don't wait too long to claim Social Security

February 4, 2019

If delaying Social Security benefits for a few years results in a bigger check, then delaying a little longer should result in an even bigger one, right? Wrong! This is one of the false assumptions I encountered last week during my annual trip...

Social Security funding outlook improves slightly

April 22, 2019

The long-term funding outlook for Social Security's retirement and survivor benefit programs has improved slightly, while the timing of the depletion of the disability program's reserves was extended by 20 years, according to the 2019 trustees'...

Retirement is forced upon roughly a quarter of Americans

June 3, 2019

Most Americans aren't financially prepared for retirement. About 44% of Americans said their retirement savings are not on track, versus 36% who said they are on track, according to the Federal Reserve Board's sixth annual survey of household...

Social Security and gray divorce

January 2, 2019

Over the holidays, a financial adviser contacted me with questions about how to help one of his newly divorced clients, a classic example of the growing trend of gray divorce, which occurs when a long-time marriage dissolves in or near retirement....

Update on Social Security reform

March 26, 2019

Well, it's a start. A House panel held hearings in mid-March on a bill that would expand Social Security benefits and stabilize the long-term finances of the nation's premier retirement system. But don't get too excited. The Social Security...

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