Age Milestones for Retirement Planning Decisions
May 18, 2012 by MJP
Filed under Retirement Planning
In our youth, we thought about turning 16 so we could drive, 18 to vote (and drink in many states) or 21. As baby boomers, entirely different set of age milestones is presented, most of which relate to retirement planning. Do you think about these? I do, but mostly for investigational purposes. I try not to get caught up in thoughts such as “I can’t wait until I am old enough for Medicare.” I want to be mindful and present for the enjoyment of today. (If this sounds to you a little like a Zen state of mind, you are correct. There will be more about my recent Zen explorations in a future post.)
Your Social Security Statement is Now Online
May 2, 2012 by MJP
Filed under Social Security
Like me, the Social Security Administration is trying to reduce its paper load. It took a major paper-killing step forward yesterday when it went live with online access to your Social Security Statements. Previously, these were snail-mailed to you annually. You could generate a benefit estimate using the SSA retirement benefit estimator but other important information (such as earnings history) could not be accessed.
Delaying Social Security – A Smart Investment?
April 23, 2012 by MJP
Filed under Social Security
Is delaying Social Security the world’s best investment? Think about that for a minute. I will turn 62 this year, making me eligible to claim Social Security retirement benefits. While I have already decided against taking the money early, I still enjoy checking the validity of my decision with some economic due diligence.
Where is Your Retirement Confidence?
April 20, 2012 by MJP
Filed under Retirement Planning
Or maybe the better question is: Do you have any confidence in your retirement? I do but not without some trepidation. According to recent survey published by the Employee Benefit Research Institute, Americans who feel confident about their retirement are in the minority.
Which States are the Most Tax Friendly for Retirees
April 15, 2012 by MJP
Filed under Places to Retire, Taxes
According to my readings, a substantial number of baby boomers intend to downsize and relocate for reasons that include cost of living. That being the case, knowing which states are the most tax-friendly to retirees is important. When you investigate this question, the answers may surprise you.
Taxes and Social Security: Random Thoughts and Concepts
March 18, 2012 by MJP
Filed under Social Security, Taxes
My experience as a volunteer tax preparer tells me that there is a lot of confusion among retirees about how Social Security benefits are taxed. This is a significant topic and not just for tax planning purposes. Taxation of benefits is also important to the threshold decision on when to claim Social Security retirement benefits. So let’s review some basic Social Security vs. income tax concepts.
Filing a Restricted Application for Social Security Retirement Benefits
March 4, 2012 by MJP
Filed under Social Security
Today I am writing a little about filing a restricted application for Social Security retirement benefits. I turn 62 later this year but have no intention of applying for an early retirement benefit. I have not yet had any personal interactions with a representative of the Social Security Administration. I have heard from others that when a retiree seeks to apply for benefits, they are told what to do and how to do it but generally that is the extent of it.
Predicting Retirement Expenses Using the Experiences of Others
February 25, 2012 by MJP
Filed under Planning Tools
To me, the starting point of any retirement plan is forming an accurate picture and understanding of what it will actually cost you and a spouse to live when you retire. Several years ago I created a spreadsheet that itemizes our retirement living budget. Because we are not yet retired, our retirement budget is only a prediction. I update it regularly with more current and accurate data.
Another Retirement Income Strategy to Avoid “Money Death”
February 11, 2012 by MJP
Filed under Retirement Income
After the black swan market events of 2008-2009, baby boomers and financial planners continue to search for new strategies for providing a secure retirement income. I have written about many of them, including the “Failsafe Retirement” plan that we are using. This week I read about another combination strategy for avoiding what the authors refer to as retirement “money death.”
Finding the Best Strategy for Social Security Spousal Benefits
January 28, 2012 by MJP
Filed under Social Security
Based on the emails and comments I receive, there is lots of confusion and uncertainty about how to maximize total Social Security retirement benefits for a married couple. The best strategies allow the couple to leave nothing on the table when collecting benefits now and in the future, including when one spouse dies. I have previously written about the key concepts of Social Security spousal benefits.
