FINANCIaL
FIELd NOTES
Are You On Track For Retirement – A Quick Checkpoint
How much do you need to retire? The answer varies by individual circumstance but simple rules can be helpful as a starting place. JPMorgan provides a rough estimate based on your age and income level…
Secure Act 2.0 – Everything You Need To Know
On December 23rd, the massive $1.7 trillion spending bill was passed, and it included a retirement bill known as SECURE Act 2.0. At first glance, the SECURE Act 2.0 looks to have an equal or greater impact on current and future retirees. Let’s dive into the highlights…
Most-Read Blog Posts From 2022
As the year comes to a close, I wanted to reshare a few of my most-read blog posts from this past year in case you missed them. Thank you all for your engagement over this year – see you in the new year!
A Unique Widow Social Security Claiming Strategy
Are you a widow or do you know someone who is a recent widow? If so, this strategy may be worth considering between the ages of 60 and 70.
Under Social Security, widows are entitled to a widow benefit as early as age 60, two years earlier than the earliest filing option of 62 for most retirees. The unique strategy that can be used here is filing for only widow benefits while allowing your own Social Security benefit to continue growing until the maximum age of 70…
Do Future Retirees Benefit from Social Security’s 8.7% COLA Adjustment?
Many of my current retired clients received a sizeable cost-of-living adjustment (COLA) of 5.9% in 2022 and are set to receive an 8.7% increase in 2023 as inflation numbers remain high.
However, I recently had a client who has delayed taking their benefit ask if they will miss out on the high COLA adjustment since they do not have a current benefit that Social Security could increase…
Using Social Security's 8.7% COLA to Improve Your Finances
Social Security announced last week that there will be an 8.7% increase in Social Security Income payments in 2023. That equates to an average increase of $140/month starting in January. For many of my clients who worked into their late 60s, the increase will be $200-$300/month.
The increase is timely as many individuals have faced the burden of increased costs on everything from food to utilities. Many individuals have no other choice than to get caught up on bills that they have fallen behind on as prices have soared. For others, they may have the opportunity to start getting ahead…