For most Americans, Social Security has represented nothing more than some unavoidable payroll deduction with the positively cryptic initials of “FICA” and “OASDI” (Federal Insurance Contributions Act and Old Age, Survivors and Disability Insurance). It hinted at a future that seemed both intangible and faraway. Yet, many Americans now sit on the cusp of drawing on the promise that was made with t...
Social Security can be complicated, and as a result many individuals don’t have a full understanding of the choices they may have. Here are five facts about Social Security that are important to keep in mind. 1. Social Security is a critical source of Retirement Income Some have the perception that Social Security is of secondary or even tertiary importance in retirement. But according to a recent...
Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you. Many consider the standard retirement age to be 65. One of the key influencers in arriving at...
New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money? This concern may be legitimate. Some households "live it up" and spend more than they anticipate as retirement starts to unfold. In 10 or 20 years, though, they may not spend nearly as much. By the Numbers The initial stage of retirement can be expensive. The B...
A recent survey found that 23% of people were very confident about having enough money to live comfortably through their retirement years. At the same time, 33% were not confident.1 Congress in 2001 passed a law that can help older workers make up for lost time. But few may understand how this generous offer can add up over time.2 The “catch-up” provision allows workers who are over age 50 to make...
Three Key Questions to Answer Before Taking Social Security
May 27, 2021
Social Security is a critical component of the retirement financial strategy for many Americans, so before you begin taking it, you should consider three important questions. The answers may affect whether you make the most of this retirement income source. When to Start? You have the choice of 1) starting benefits at age 62, 2) claiming them at your full retirement age, or 3) delaying paymen...
If you're like many small business owners, running your own business is an all-consuming endeavor. In the face of everyday demands, choosing a retirement strategy for your business can become a casualty. The idea of establishing a plan could evoke worries about complicated reporting and administration. If this sounds familiar, then you may want to consider whether a Simplified Employee Pension Ind...