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 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 Watch the related WEALTHTRACK episode.
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 […]
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 […]
CONSIDER ANNUITIES AS A CORE PART OF YOUR RETIREMENT PLAN Social Security now only source of lifetime guarantee for most retirees Annuities provide another source of income for life Immediate Annuities Pay fixed amount every year for life Starts payments immediately Deferred-Income Annuity Set future payout date Later the date, the higher the payout Kim […]