According to new research by the Center for Retirement Research at Boston College, US households are claiming their Social Security much later than they did ten years ago. In 1995-1999 over 50% of eligible 62-year-olds claimed Social Security as soon as they could. Ten years later, less than one third did.
Every other week you watch funds come into you account... It's payday, hooray! So, when was the last time you took a few minutes to check out the summary of information on your paycheck? Do you know what all of those letters mean? Once you know what all the abbreviations stand for, you can make sure your various elections are correct. Check it out:
Are you within ten years of retirement? If so, congratulations! With that exciting thought in mind, it's time to begin considering the different variables around your retirement. While the excitement begins to simmer, it can also be an overwhelming thought. Have you put all of your ducks in a row? Are you where you want to be emotionally, financially, physically and spiritually? As you make these assessments, consider the following points as you're a decade or so away from the big leap:
Did you know that more than half of all Americans either own or work for a small business? Additionally, they create about two out of every three jobs in the United States.
Social Security is an element of financial planning that our clients are usually curious about. What will my benefits be? Will it provide what I need throughout retirement? Will Social Security be a viable option when I retire? It's a hot topic.
Are you just starting to think about retirement? Are you reaching retirement soon? It’s never too late to make adjustments now that can positively affect your life in retirement.
Donald Sterling’s mental and financial roller-coaster has been hard to ignore. The story is constantly covered on the news. The nation watched as he was fined and banned from the NBA for his overtly offensive comments, but it was clear there was something wrong going on behind the scenes. Turns out, he has early signs of Alzheimer’s. As the baby boomers move into retirement and live longer, elements of incapacity, long term care, and estate planning become more newsworthy, important and simply, more prevalent. The sale of the Clippers to former Microsoft Chief Executive Steve Ballmer will ultimately be a financial success for the Sterling’s, however; the lessons around planning and incapacity explored through this news story can help everyone plan successfully for their retirement.
While commuting to work today, I drove by the University of Denver. The grounds were filled with graduates in their red cap and gowns, proud parents and grandparents, picture posing, and flower vendors. As I sat in traffic gridlock, I rolled down my window and asked a young man “What school is graduating today?” He had a proud smile and shouted “East High!” I returned his smile and a tear started rolling down my face. The moment overwhelmed me and I realized how graduation is this rite of passage, that translates into possibilities...the future, what’s next? What was next for that young man?
April 30th : National Honesty Day