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.
Why Are We Avoiding Stocks?
March 11, 2012 by MJP
Filed under Investing for Retirement
We own stocks, stock mutual funds, and stock ETFs in our retirement portfolio. But the degree of equity exposure in our investments has gradually declined since late 2009. And, even though the market indices have rebounded, I am not inclined to change our exposure. I’m not the only one that feels that way. So why are Americans avoiding stocks?
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.
Why I No Longer Balance our Checkbook
February 27, 2012 by MJP
Filed under Boomer Lifestyle
For many years, balancing the checkbook was a regular monthly event in our household. Even after we fully migrated our financial record keeping to Quicken in the ’90s, I followed a regimented month-end account reconciliation procedure using paper bank statements.
No more.
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.
A Safe Way to Test Drive Your Retirement
February 14, 2012 by MJP
Filed under Boomer Lifestyle
Admit it. As much as you like to daydream about retirement and its perceived pleasures, you (and me) are also very nervous. We wonder if we will have enough things to do to avoid boredom. We are concerned that we won’t be able to survive on our retirement income. We’re unsure about where we should live when we retire. A retirement test drive help reassure us that our current plan is the correct one or signal us that a different plan is needed. So how do you safely conduct a retirement test drive?
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.”
The Yoga for Baby Boomers Experiment
February 4, 2012 by MJP
Filed under Boomer Lifestyle
I started taking yoga classes this week. After several years of thinking and reading about the potential benefits of yoga, I finally searched for a yoga studio and signed up. So far, I am very glad that I did.
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.
Is Retirement Investing Dead?
January 17, 2012 by MJP
Filed under Investing for Retirement
I both laughed and cried when I read a recent Forbes article listing five reasons why investing is dead. I laughed at the title but cried when I realized that each of the reasons listed had validity.
