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Adults over 75 years of age spend more on housing than any other single expense, even health care.
Advisors are missing a major opportunity if they're not discussing the full range of housing issues with clients.
Local Social Security workers are not necessarily trained in, nor are they able to evaluate, complicated strategies and long-term projections.
Suspending the payroll tax for people over 65 would decrease total government receipts, yet make it easier for older adults to work.
For clients who are public sector employees, a government pension could mean a reduction in spousal Social Security benefits.
Retirees who have been government workers or whose spouses have been government workers may be in for a surprise when they file for Social Security retirement benefits.
While headlines suggest that the Social Security system is running deficits, the truth is a bit more nuanced. For one thing, investment income is often ignored.
Though the cost to the system of "file and suspend" and "claim now, claim more later" filing strategies is modest, Congress will eventually be forced to look for ways to align future balance sheets as the Social Security trust fund gets spent down.
Social Security is a numbers game, with age being the key to many of the decisions. Here's a convenient reference list of the pertinent ages and what they mean for your clients.
When congressmen introduce bills that work at cross-purposes with the intent of Social Security, it's no wonder clients are confused too.
Clients often worry about the IOUs in the trust fund, which, while literally true, is unnecessarily alarmist. In the investment world, we call them bonds and they're not so scary.
Spousal benefits are the meat and potatoes of Social Security planning. Have you helped your clients maximize their situation?
Quick question: Do you know how many programs operate under the Social Security umbrella? Do you know the differences? If not, keep reading.
Suggest delaying and many clients will counter that forgoing years of benefits will take a long time to make up. But it's not as long as they might think.
Congress decided that the program could use only one investment option, U.S. Treasury Securities which, last I checked, were still considered one of the safest, lowest-risk investments in the world.
The Social Security Adminstration makes mistakes like everyone else and it claims a three-year statute of limitations on correction—so don’t delay