Blog
Ready to Start Building the Retirement You Deserve?
Additional Retirement Planning Services
Over the past six years, my company has gained recognition as an expert in Social Security. Originally established to provide education, analysis, and consulting on Social Security, we’ve expanded our focus to address the broader spectrum of retirement planning needs. Over the last seven months, I’ve been deeply involved in retirement planning for an insurance company, which has highlighted the multitude of issues individuals face as they plan for retirement. As a result, we are expanding our company to better serve the increasing needs of those preparing for retirement.
January 2017 Newsletter
Firstly, Happy New Year! I hope 2017 brings you great success. After a break over Christmas, it’s time to delve back into work. With the inauguration of a new president next week, there’s a lot of speculation about how Social Security will fare in the near future. Articles on Facebook have been extreme, with some predicting doomsday scenarios and others envisioning a golden era. While it’s unlikely that either extreme will materialize, it’s essential to sift through the noise and stay informed.
The Runway
A few years back, at a conference, I came across an intriguing story about a commercial pilot taking a friend for a ride in his personal plane. After a delightful flight, they approached for landing, but the pilot chose to touch down right at the end of the runway, then taxied all the way back to the hangar. Puzzled, the friend asked why he didn’t land in the middle. The pilot’s response was profound: “You can’t use the runway behind you.”
Are You Coachable?
While watching a special on Olympic athletes, I was struck by one athlete’s response when asked about the difference between him and others who didn’t make it to the Olympics. Instead of boasting about his abilities, he attributed his success to being coachable. He emphasized that even small improvements could make a big difference in highly competitive fields.
Busy Week
This week kicked off with a series of three educational events, each aimed at empowering individuals with a better understanding of Social Security and retirement planning.
Is Social Security a Ponzi Scheme?
So, it happened again. While scrolling through Facebook, I stumbled upon a post about Social Security. Intrigued, I clicked the link and found myself disagreeing with some of the analysis presented. Attempting to engage in a constructive conversation in the comments section, I was met with resistance. Many seemed unwilling to understand or discuss potential solutions to the impending challenges facing Social Security.
What is Your Number?
I recently came across an article that emphasized the importance of reaching a specific savings threshold for retirement. While savings certainly play a crucial role in retirement planning, they often take a backseat to other financial priorities throughout life. What such articles often overlook is the significance of leveraging controllable factors in retirement planning. The timing and coordination of these resources can significantly impact the longevity of your assets.
What to expect when you are expecting… a cost of living increase.
Undoubtedly, one of Social Security’s notable features is the Cost of Living Adjustment (COLA). However, last year surprised many retirees as there was no COLA, meaning no increase in benefits. Despite rising expenses like groceries, healthcare, and insurance, the COLA calculation is tied to the Consumer Price Index for Urban workers (CPI-W), which doesn’t always reflect actual spending. This discrepancy has led to a loss of purchasing power for seniors, estimated at 23% since 2000.
Trip to Nashville
I recently returned from Nashville, TN, where I conducted an educational session for the Society of Financial Service Professionals. This diverse group comprises over 25 professionals including CPAs, attorneys, insurance agents, and financial advisors. My invitation was to enhance their comprehension of Social Security and improve their ability to educate clients on this critical topic.
Disaster Avoided
One of the reasons I founded this company was to empower people to make informed decisions. Recently, I worked with Bonnie to plan her retirement. We assessed her Social Security, assets, and income goals. While she had little debt and reasonable retirement income goals, her savings fell short.
A friend said that she went to Social Security and they told her to take the benefit as early as possible. Is this good advice?
Shouldn’t I take Social Security early since they are broke?
Answer: One prevalent myth about Social Security is its financial solvency. Contrary to popular belief, recent audited reports reveal a surplus, projected to continue until 2023. After this,...
I don’t know how long I will live so should I take Social Security early?
Answer: Good question. It actually depends. There are basically 4 variables that come into play when calculating the optimal benefit from Social Security. It is very complicated as you have to look...
I have heard that I could get half of my Spouse’s benefit when I retire? Is this true?
The spouse’s benefit depends on various factors. They are entitled to the greater of half of their spouse’s benefit or all of their own benefit, whichever is highest.
Politics and Social Security
During this time of year, political ads flood the airwaves, with Social Security often a target. The lack of understanding about Social Security allows fear tactics to sway voters. Politicians exploit this fear to appear as problem solvers, though many are hesitant to address the issue head-on.
Still Have Questions?
Need a little guidance from a CERTIFIED FINANCIAL PLANNER™? Get in touch and I will be glad to help you determine if we’re the right option for your needs —no obligation, no commitment.