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Some Financial Planning?

 

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This is a picture of a first class cabin aboard the RMS Titanic. They built that ship with true luxury in mind. But when I look at this picture, I think, “did it really matter?“.

I decided to just briefly revisit the topic of Social Security. I promise to be brief! You might think that filing for social security is way out there, or it does not matter because it will not be there when you retire anyway. Or, you have already filed and it does not matter now.

Many probably think… social security  “does it really matter?“. And that reaction makes sense because of the reasons above. So, let me just mention the math.

First things first. If you want to set up your social security account to watch your personal “fundage“, you can go to this social security site  (HERE) and input your information and follow-up to watch your personal account build up. As a disclaimer, I have not done it yet, because I just do not feel like following the directions right now.

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This article (here) from Schwab.com is as good a summary on social security benefits, as I have found. It weighs opting for Social Security early, versus waiting until full retirement age. And it gives a table to consider, if you wait until age 70. (If you wait until 70, you receive 132% of your retirement per month payment)

This article also discusses why you might want to opt for an early social security retirement. Factors to consider include: 1.Your cash needs. 2. Your life expectancy and break-even age. 3. Your spouse’s benefits. (which also discusses when you might be entitled to those benefits) 4. Whether you are still working.

Are you curious about the maximum social security amount that you could receive. Could you live on that in retirement? That’s why I posted this on a Friday. Something to think about!!!!

Have a great weekend and I hope it is a special Mothers Day. I am so looking forward to seeing my mom!

And for pic o’ day…this is just craziness:

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Social Security Thoughts & Charts

    The younger you are, the less that you might feel interested in reading this blog. Since our practice does handle social security claims, I thought that I would post a few tables from Charles Schwab, that at least gives you something to think about. 

     As of 2002, you can no longer just retire at age 65. Every year in the federal government budget conversation, there is a move to increase retirement to an older age to save the social security fund. 

     Based on the current law, 2002 was the last year that someone could retire at age 65 and receive full benefits. The table below shows the different variations of when. This is a “looking into the future” blog. For some, the future is getting closer.

     One last thought. Yogi Berra said about the future, “Always go to other people’s funerals or they won’t come to yours”. He also said, “The future ain’t what it used to be”…   I know,  I “pulled a Yogi” by saying “one last thought”.  Kinda like, “let’s pair up in threes”.

     Anyway…something to think about:      

 
If you were born in … Your “normal” retirement age is …
1937 or earlier 65
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943-1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 or later 67
 
Consider taking benefits earlier if … Consider waiting to take benefits if …
You are no longer working and really can’t make ends meet without your benefits. You are still working and make enough to impact the taxability of your benefits. (At least wait until your normal retirement age so benefits aren’t further reduced due to earnings.)
You are in poor health and don’t expect to make it to average life expectancy. You are in good health and expect to exceed average life expectancy.
You are the lower-earning spouse and your higher-earning spouse can wait to file for a higher benefit. You are the higher-earning spouse and want to be sure your surviving spouse receives the highest possible benefit.

      And for pic o’ day,  retirement?

another retirement

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