Retirement

MAKE SURE YOU ARE WELL INFORMED ABOUT BOTH SOCIAL SECURITY AND MEDICARE BENEFITS

April 21, 2017

MAKE SURE YOU ARE WELL INFORMED ABOUT BOTH SOCIAL SECURITY AND MEDICARE BENEFITS

  • Get educated ahead of time
  • If you are already collecting, review your and your spouse’s benefits
  • Notify Medicare and Social Security if there is a change of circumstances to get benefits updated

Watch the related WEALTHTRACK episode.

DEVELOP AN ALTERNATIVE RETIREMENT INCOME SOURCE

March 31, 2017

DEVELOP AN ALTERNATIVE RETIREMENT INCOME SOURCE

  • Can tap during market declines
  • Avoid drawing down investment portfolio

ADVANCE PLANNING

  • Set up home equity line of credit
  • Establish reverse mortgage line of credit
  • Set up when conditions are favorable
  • Can use when they are not

Watch the related WEALTHTRACK episode.

HAVE A SAVINGS ACCOUNT SEPARATE FROM YOUR RETIREMENT ACCOUNT

September 23, 2016

HAVE A SAVINGS ACCOUNT SEPARATE FROM YOUR RETIREMENT ACCOUNT

Watch the related WEALTHTRACK episode.

SEE A FINANCIAL PLANNER TO DISCUSS GUARANTEED INCOME OPTIONS

April 15, 2016

SEE A FINANCIAL PLANNER TO DISCUSS GUARANTEED INCOME OPTIONS

GUARANTEED FOR LIFE INCOME

  • Immediate annuities
    • Payouts start immediately upon purchase
  • Deferred Income Annuities
    • Payouts start at a future date
  • Qualified Longevity Annuity Contracts (QLACs)
    • Approved in 2014
    • Used in IRAs, 401(k)s, approved retirement plans
    • Fixed Income Annuities
    • Excluded from traditional required minimum distributions
    • Can be deferred to age 85
    • Can be left to beneficiaries

Watch the related WEALTHTRACK episode.

IF YOU ARE ELIGIBLE TAKE ADVANTAGE OF 2 CURRENT SOCIAL SECURITY CLAIMING STRATEGIES

November 6, 2015

IF YOU ARE ELIGIBLE TAKE ADVANTAGE OF 2 CURRENT SOCIAL SECURITY CLAIMING STRATEGIES

TWO SOCIAL SECURITY STRATEGIES FOR MARRIED COUPLES ENDING

  • “File and suspend”: one spouse files for benefits but suspends collecting them until full retirement age
  • Filing a restricted claim for spousal benefits: collecting half of spouse’s benefits while waiting to collect full benefits in later years

WINDOW OF OPPORTUNITY

    • 62 or older by year-end
    • Retain right to collect spousal benefits starting at 66 = full retirement age
    • Spouse has to have claimed retirement benefits or requested to file & suspend benefits within 6 month window

Source: Mary Beth Franklin, Author
Maximizing Your Social Security Benefits

Watch the related WEALTHTRACK episode.

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