Results for "social security"

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7 retirement side gigs to help retirees make up the income gap

August 7, 2019

Many people these days are embracing the gig economy to earn extra - or needed - income beyond what they've planned for in retirement. Here are some creative suggestions for advisers to recommend to retired clients who are running low on cash...

Social Security has special rules for divorce

July 23, 2019

No one would deny that Social Security is complicated. With about 2,700 rules governing benefits, it is no wonder that financial advisers and their clients are often confused by the best way to maximize benefits. When it comes to divorced clients,...

Women in two-income households face greatest retirement risk

July 16, 2019

For years, I've been writing about the retirement challenges that women face as a result of their longer average lifespans, lower lifetime earnings and the fact that most women end up alone as a result of divorce, widowhood or never having married....

3 aspects of retirement affected by divorce

July 15, 2019

Divorce rates for people age 50 and over have doubled since 1990, according to the Pew Research Center. Divorce can have both positive and negative impacts on happiness and finances. Michael Finke, chief academic officer of the American College...

Educate clients on the reality of Social Security benefits

July 6, 2019

Year after year, despite handwringing from experts, nothing much seems to happen to address the draining of Social Security trust funds. Perhaps no one is worried because the well won't run dry for more than a decade, and much of the public...

Retirees lose $3.4 trillion by claiming Social Security too early

June 28, 2019

Despite all the talk about the value of maximizing Social Security benefits, it seems few retirees are listening. The fact that only 4% of retirees wait until age 70 to claim their maximum retirement benefits is not news. What is noteworthy,...

Financial planning for same-sex couples has changed immensely since 2015 Supreme Court marriage ruling

June 21, 2019

Financial planning for same-sex couples has undergone a vast transformation in the four years since the Supreme Court made same-sex marriage a right nationwide, according to advisers who work with LGBTQ clients. "It's changed in a lot of ways,"...

How to suspend Social Security benefits

June 19, 2019

I often counsel readers about the option of suspending their Social Security benefits as a way to increase their future payouts. One reader had a simple question: How could he do it? "I claimed Social Security at 62 and I will turn 66 in December,"...

Special Social Security rules for public sector employees

June 12, 2019

Questions from readers about Social Security rules and strategies seem to come in waves. The latest tsunami involves Social Security rules for public employees, their spouses and survivors — a total of about 2.5 million people. Although participation...

Terminal diagnosis affects Social Security timing

June 5, 2019

I received a heartbreaking email from a reader the other day asking for advice on when he should claim his Social Security benefit given his recent diagnosis of stage 4 lung cancer. He is 61 and no longer working. His wife is 62. "[My wife]...

Three retirement planning conversations advisers can't ignore

June 4, 2019

Many people feel overwhelmed when it comes to saving and investing for retirement, particularly when the transition into this new life stage is imminent. Advisers play a critical role in supporting clients through their retirement journey, with...

Retirement is forced upon roughly a quarter of Americans

June 3, 2019

Most Americans aren't financially prepared for retirement. About 44% of Americans said their retirement savings are not on track, versus 36% who said they are on track, according to the Federal Reserve Board's sixth annual survey of household...

Future retirees often overestimate Social Security benefits

May 8, 2019

Chalk it up to wishful thinking, or merely misinformation, but many future retirees overestimate how much they are likely to receive from Social Security, according to an annual survey released Wednesday by the Nationwide Retirement Institute....

Hints about Social Security COLA and Medicare premiums in 2020

May 6, 2019

Buried in the recent Social Security and Medicare Trustees' Report were some hints about next year's projected cost-of-living adjustments for Social Security benefits and likely increases in Medicare premiums for 2020. The fact that the Medicare...

Widows, widowers and Social Security

May 1, 2019

I've seen an uptick in questions from financial advisers about their widowed clients and what happens to their Social Security survivor benefits if they remarry. The good news is that surviving spouses have more claiming options than other types...

Criticism of Richard Thaler proposal must not prevent discussion

April 27, 2019

The idea recently put forward by Nobel laureate Richard Thaler to allow Americans to contribute a portion of their 401(k) balances to the Social Security Administration in return for a higher income stream has been criticized from some in the...

Older Americans are twice as likely to work now as in 1985

April 22, 2019

Just as single-income families began to vanish in the last century, many of America's elderly are now forgoing retirement for the same reason: They don't have enough money. Rickety social safety nets, inadequate retirement savings plans and...

The drawback of Richard Thaler's 401(k)-Social Security idea? Social Security itself

April 22, 2019

Nobel laureate Richard Thaler's idea to increase retirees' Social Security payments by using a portion of their 401(k) accounts is drawing criticism from some corners of the financial-advice industry, primarily due to the current less-than-stellar...

Social Security funding outlook improves slightly

April 22, 2019

The long-term funding outlook for Social Security's retirement and survivor benefit programs has improved slightly, while the timing of the depletion of the disability program's reserves was extended by 20 years, according to the 2019 trustees'...

Richard Thaler wants to use 401(k)s to boost Social Security payments

April 18, 2019

Nobel laureate Richard Thaler wants to mesh 401(k) plans with Social Security benefits to help Americans simplify what is perhaps their most daunting and complex financial issue: drawing down retirement assets. Mr. Thaler, who won the Nobel...

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