Traditionally, about 50% of people eligible to collect Social Security at 62 do so. But if you do, you?ll receive about 25% less income (i.e. Social Security benefits) than waiting until your full retirement age ? between 65 and 67 depending on your birthday. What implication does your early retirement have on your spouse? Everyone whose work earnings make him [...]
Categories: social security benefits Tags: husband's benefits, social security spouses benefit, wife's benefits
There's a terrible problem in retirement investing that concerns how much risk you should take with your retirement funds. It's a seemingly unsolvable financial conundrum of investing in retirement. Let's take a closer look. On the one hand, you'd like to put all your retirement funds in the bank and keep it safe and secure in FDIC insured accounts. The issue is you will only [...]
When entering retirement, re-evaluate your life insurance. Perhaps you're still paying premiums on a whole life policy. Without dependents relying on your financial support, you can use it for various estate-planning needs or for leaving a legacy to charity or your children. But what options might you take with your policy while you're still living? The general retirement advice for [...]
Categories: retirement advice Tags:
Coming to terms with what your retirement income and expense is essential to plan your retirement life. For a quick approach, you can estimate your income and expenses under your present circumstance. If you are not happy with the results, see what steps you can take to fashion a better retirement. Here is the process: Retirement Plan Income determination: Your [...]
Categories: plan for retirement Tags:
You're at the end of the retirement planning road. You know how much you're due from social security and any pension plan too. Then there's the lump sum from your defined contribution plan at work (and possibly a pension plan lump sum option also). What choices should you make? Do a direct rollover of the lump sum from your defined [...]
Categories: pension plan Tags:
If you're like most people, you've worked hard all your life and want a comfortable retirement income. You may be counting on Social Security benefits to supplement other retirement income. But beware of two provisions of Title II of the Social Security Act entitled The Windfall Elimination Provision and the Government Pension Plans Offset. They can significantly reduce Social Security [...]
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Planning on retiring in the next few years? You better check out your company's policy on maintaining retiree health benefits for you during your retirement years. Just as companies cut back on defined benefit pensions, they are leery of guaranteeing the future health care liabilities of retirees. Cutting health care benefits for future retirees can protect companies from crippling future [...]
Categories: senior heath care Tags:
As you make your way through retirement in fairly good health, you may consider the wisdom of maintaining your long-term care policy, especially if your savings are running low. Will you really need the policy? It's understandable why you'd want to drop a long-term care policy you don't think you'll use, but before doing so, there are a few things [...]
Categories: long term care Tags:
Estate tax laws are once again up for debate in Washington D.C. But no matter what the outcome of the negotiations will be - whether estate taxes will be repealed or reinstated after the year 2012 -estate planning should not be placed on hold. Your benefits will likely never be better than they are now. Currently, federal estate taxes are [...]
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While you are in retirement, be sure to get one issue resolved - and the sooner the better: discussing with your children how your affairs should be handled and by whom when your disability and death occurs. Of course, these discussions of inheritance planning have little legal bearing as you need to put your wishes on paper - in a [...]
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It's rare, but occasionally one spouse cannot qualify for long term care insurance because of poor health, such as hypertension, Alzheimer's, arthritis, diabetes, or frailty. Does this mean that the healthy spouse should forgo the coverage as well? As you get older, the chances of needing long term care increases. Forty-three percent of individual's age 65 and older will spend [...]
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A revocable living trust can be a useful tool to help you reduce estate settlement costs and to retain control over your assets while you are living. However, the benefits of a living will vary from person to person based on their circumstances. In other words, living trusts are not equally beneficial to everyone. A revocable trust allows you to [...]
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