Succumbing to fears concerning Social Security could lead to financial consequences. From a statistical perspective, the optimal age to receive Social Security benefits is 70. Nonetheless, many individuals appear to disregard these statistics. Around 40% of Americans intend to claim their Social Security benefits by age 65. Schroders, an asset management company, sponsored an annual … Read more
The retirement expectations of older Americans tend to center around two significant milestones: the Social Security early retirement age of 62 and the Medicare eligibility age of 65. However, a recent publication from the Social Science Research Network reveals that, on average, Americans retire earlier than their initial expectations. Several societal and demographic factors play … Read more
Social Security benefits are a significant pillar of retirement planning for many Americans. With the median retirement account balance standing at a mere $35,345 in 2021, it’s evident that many retirees lean heavily on Social Security. However, there are subtle ways you might be missing out on maximizing these benefits. Let’s delve into two key … Read more
When you’re single, strategizing for Social Security can seem straightforward since you only need to consider your financial needs and retirement goals. On the other hand, things become more complex when you’re married. Your filing decisions could greatly influence your spouse’s financial stability, both during your lifetime and after you’re gone. Exploring Various Social Security … Read more
Forensic accounting is an unsung hero in the financial sector, digging deep into financial records to unveil hidden truths. This article explores five of the most high-profile cases in recent years where forensic accountants successfully discovered hidden fortunes in America. The Madoff Ponzi Scheme: Forensic Accounting Reveals Billions in Fraud In one of the most … Read more
The decisions we make within the last three months leading up to retirement can profoundly impact the success and enjoyment of this phase of life.
At 62, you become eligible to claim Social Security benefits, but it’s worth noting that your full retirement age extends well beyond that. The general belief is that claiming Social Security earlier is logical if you are in poor health. By postponing the benefits, you receive larger monthly checks, although it takes time for these higher payments to compensate for the income you forego by not claiming immediately. If your life expectancy is limited, claiming early and obtaining as much money as possible right away might make sense.
Discover how to manage COLA in your retirement years effectively. Learn about financial strategies such as income diversification, adjusting spending habits, investing in inflation-protected securities, considering long-term care insurance, and seeking advice from financial advisors.
Learn how the FDIC protects retirees through deposit insurance, educational resources, and fraud prevention measures. Explore ways to maximize FDIC coverage for enhanced financial security during retirement.
Decisions regarding finances and social security can be intricate, especially when they involve a former partner from a past divorce. Your marriage vows can pay off in the form of higher Social Security benefits even decades after the ink dried on your divorce decree. You may qualify for 50% of your ex-spouse’s benefit if you haven’t remarried, your marriage lasted at least ten years, and two years have passed since your divorce was finalized.