If you are getting Social Security benefits, you are signed up for Medicare. If you are not taking Social Security, you should sign up for Medicare about 90 days before your 65th birthday. Do not skip it. There are late-enrollment penalties. There are a few other things to know about Medicare: 1. Many are shocked at the expense. Today 55 …
Retirement
6 Social Security Traps to Avoid
For some, Social Security benefits are only a small part of their retirement income plan. But even so, we all pay into the Social Security system and the benefits will continue as long we live, so it’s a valuable benefit we should not waste. With that in mind, let’s look at six traps to avoid: …
Wondering how much you need to retire? These questions can help.
For most families, saving for retirement is their largest financial goal. It’s become part of the American dream to quit working and just have fun someday. However, as we wind down the second decade of the 21st century, it’s getting harder to actually accomplish. Decline of pensions The idea a company pension for retirement in …
Wondering how much you need to retire? These questions can help.Read More
When should I take Social Security?
Data shows that a majority of Americans are losing thousands of dollars each year because they chose to start taking Social Security at the wrong time. One national study shows that retirees as a group will lose $3.4 trillion in income they could have received over their lifetime because they start taking Social Security the …
Why is insurance needed?
Part of my job is to help families think about—and prepare for—bad things. It can be tricky because humans mostly don’t like to think about bad things. After all, they’re bad and it’s unpleasant to think about them. The point is not really that you must do this one thing in response to the bad stuff. The …
5 places to get retirement income
For many families, the entire point of saving for retirement is to create an “income engine” that produces income to pay for life in retirement after the wages stop. But creating that engine can be tricky because of how hard it is to answer the following questions: How long will you need the money? How …