FINANCIaL
FIELd NOTES
How Being Present Increases Happiness in Retirement
A few weeks ago, the last major golf championship of the year was played - The Open Championship. During the opening round, Rory McIlroy's tee shot found the rough near spectators. If you don’t watch much golf, this can be extremely frustrating for the players but very exciting for the fans, as they get to watch a shot up close.
As you might expect in this day and age, just about every fan pulled out their phone to capture the moment. Everyone, except for an elderly couple, who were standing side-by-side, fully taking in the moment…
The Surprising Impact of Working 1 More Year
One of the most common tweaks I make to financial projections is the projected retirement date. Sometimes, we move retirement forward due to changing work circumstances, and sometimes we move it back to try to maximize earning potential at the tail end of a career.
I advise clients who are financially prepared to retire not to delay it too long. The early years of retirement are among the most exciting, and missing out on them by working unnecessarily longer can lead to regret…
The Barbell Approach to Social Security
Couples in retirement often face a dilemma: Should they take Social Security early, or should they delay to full retirement age, or even age 70, to maximize their payouts? The "Barbell Strategy" offers a creative middle ground, balancing immediate cash flow with long-term financial security.
Having one spouse claim benefits early while the other waits until age 70 to maximize their benefit ensures stability in the present and protection for the future since a surviving spouse only keeps one Social Security benefit, whichever is largest…
How Your Social Security Claiming Age Influences Asset Allocation
A couple in their mid-60s recently asked me about when the best time would be to take Social Security. After discussing their financial situation along with their family longevity history, we settled on a preliminary plan that involved waiting on Social Security for a few years.
The plan was to lean more heavily on their investments now, and then dial back withdrawals once Social Security begins. Because of this, we made some modest adjustments to their asset allocation to accommodate this…
The Changes to Medicare Part D in 2025
With Medicare open enrollment beginning last week, there are some significant changes coming to the prescription drug coverage (Medicare Part D) for 2025. These changes are part of an effort to make drug prices more affordable of the millions of retirees currently enrolled.
Knowing what these changes are can help you make an informed decision around what coverage to keep or change during enrollment, which last through December 7th...
Making Sense of Medicare – The 5 Pieces
Medicare is a confusing topic to navigate, in part because there are so many choices. In the first part of this series, I will discuss the various parts of Medicare. Next week I will discuss the cost of putting these pieces together.
There are 5 pieces to Medicare…