Many people set a retirement date based on the age at which they become eligible to start receiving Social Security. Of course, there are those who can indeed retire as soon as they become eligible for Social Security benefits, but not everyone is in this category. Under currently existing laws, you can start receiving your benefit when you are as young as 62. If you do this, you must be willing to accept a reduced benefit. Your benefit would be 30% less than it would be if you waited until … [Read more...] about Working Longer Comes With Rewards
Statistics indicate that a significant percentage of baby boomers who are now nearing the typical retirement age are not ready from a financial perspective. Most people are not going to be able to make up for lost time when it comes to retirement preparations. It can take decades to accumulate the resources that you need to put a solid financial underpinning in place that enables a comfortable retirement. When should you begin preparing for the future? The answer is that you really can't start … [Read more...] about Foresight Is the Key to a Secure Future
Estate Planning and Elder Law attorneys try to raise awareness about the limitations of the Social Security program as a source of retirement income. When you look at the statistics, you see that a significant percentage of baby boomers are finding out that they are never going to be able to retire. Many of them got into this disadvantageous position because they were expecting too much from Social Security. The amount of your Social Security benefit is calculated based on the 35 years during … [Read more...] about Social Security Benefit Alone Won’t Finance Comfortable Retirement
Retirement planning experts are noticing a growing trend among the nation's older citizens. A higher percentage of people who are in their mid-50's and beyond are remaining in the workforce. According to the Sloan Center at Boston College, the number of individuals who are at least 55 years of age who are still on the job has increased by 10% over the last 20 years. The average retirement age has risen by two years over what it was in the mid-1990's. There are various different reasons why … [Read more...] about More Older Americans Remaining in Workforce
More and more Americans are working for themselves, and this can be a very rewarding choice. You get to make your own decisions, and the sky is the limit with regard to your potential. In fact, many people are working as sole proprietors out of their homes, and this affords many advantages. Obviously you do not have to worry about a daily commute and this saves you money, saves you stress, and reduces your impact on the environment. Another advantage that goes along with working from home for … [Read more...] about Self Employment Brings Rewards and Personal Responsibilities
The income that you receive from Social Security as a senior citizen is probably going to be very important to you. The Social Security Administration tells us that the majority of individuals who are on Social Security rely on their benefits for most of their income. While the above may be true, you would do well to understand the facts about Social Security so that you have a realistic viewpoint with regard to exactly what this program will do for you. To this end, we would like to provide … [Read more...] about Three Commonly Asked Social Security Questions
The best way to engage in veteran's benefits planning is with the assistance of a licensed and experienced San Jose estate planning lawyer. There is a lot to take into consideration, and you don't want to make any assumptions that create difficulties, or fail to take advantage of benefits that are available to you. Understanding all the different veteran's benefits that you may qualify for is part of the equation. But, you also have to examine how these benefits fit alongside the civilian … [Read more...] about Spouse of Military Retiree Won’t Receive Pension
When you are planning for retirement, you must be apprised of all of your options. There are those who are in need of liquidity late in life, and if you find yourself among them you may want to consider taking out a home equity conversion mortgage. Home equity conversion mortgages are federally insured reverse mortgages. As the term "reverse mortgage" implies, things work in a reverse manner with these loans. Rather than you paying the lending institution in an effort to build equity in your … [Read more...] about What Is a Home Equity Conversion Mortgage?
A while ago we reported on the fact that the Social Security Administration is no longer going to be sending out annual statements to American workers who are contributing into the program. Effective retirement planning really can't be done unless you know how much you can expect to receive from Social Security once you reach the age of eligibility, so these statements are important. The reason why the SSA stopped sending out the paper statements is because of the costs involved. As an … [Read more...] about Direct Deposits Totally Replacing Social Security Checks
Because so many people nearing the typical retirement age are unsure about their financial stability, retirement planning lawyers will often point out the fact that you can benefit by working longer. If you are hardwired to the idea of retiring at a particular age, you may be forcing yourself to accept a reduced quality of living that could be avoided if you simply push that date back. People sometimes wonder if it is possible to continue working while you are receiving a Social Security … [Read more...] about Can You Earn Income While Drawing Social Security Benefit?