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Have you ever wondered if working in retirement reduces your Social Security benefits? If you are younger than your full retirement age for the entire year, your benefit will reduce by $1 for every $2 you earn in excess of the [current] annual limit of $22,320. If you start working in the year you reach […]

According to the US Census Bureau, about 1 in 5 people over the age of 60 have married at least twice. However, all marriages are not created equal. The Schwab Center for Financial Research lets us know that “Unlike those just starting out in life, many older individuals have adult children, substantial assets, and established

An annuity is a financial product designed to provide a regular, guaranteed income stream (backed by the claims-paying ability of the carrier) over a specified period or for the rest of a person’s life. Essentially, it’s a contract between you and an insurance company in which you make a lump-sum payment called a premium. In

We’ve spoken in the past about annual contribution limits into qualified accounts, but have not focused on the nuances of the income limits for tax deductibility of those contributions.  It’s very important to speak with your tax preparer, as specific limitations will apply. For example, in the scenario where a spouse has a 401(k) and

We’re inundated with so many changes to rules related to retirement, that we oftentimes tell ourselves we can just ignore them and “focus on them later.” However, there are some changes you might want to pay attention to now. For example, the changes made by the Secure Act:  Firstly, the Secure Act interest and penalties

According to many experts, knowing your cash flow is the most important piece of information you will need in order to tell if you are not only living within your means, but if you have financial stability. Financial stability in retirement becomes increasingly important the older you get. The reason for that is as we

Wait a minute! Is it 62, 65, 70 or 73? Let’s start to unravel this question. Social Security can be taken at any time between the age 62 and age 70. At the younger age, the SS administration will re-calculate your benefits and make them lower than if you waited, in order to factor in

Continuing on from last week, did you decide what kind of retiree you are? Regardless of whether you think of yourself as the Dynamo, the Philanthropist, the Homebody, or the Adventurer, it is recommended that you start building your strategy early.  Along with newfound freedoms, retirement can also mean confronting uncomfortable topics and scenarios. The

“What kind of retiree are you?” An interesting concept that we had some fun diving into, and wanted to share it with you.  Are you “The Adventurer”? Do you want to stay active, are you in good health, and have you always wanted to fill up your passport pages?  Are you “The Philanthropist”? Do you