Social Security Calculators can help you determine how much Social Security benefits you will receive

What would you do if you retired at age 62, and live another 30 years? Your benefits will run out if you only have 20 year annuities to pull from. 

Social Security Calculators can help you determine how much Social Security benefits you will receive, but you can refuse them until you are 70 or even older so your amount monthly is more. 

This way, when your annuity payments or other retirement benefits run out, you still have Social Security to rely on, and your monthly amount will be higher because you waited to take the money.

Another question to consider is, how is my health history?  If you come from a family that tends to live long, you may want to postpone taking the benefits so that you have a larger benefit to live on in the later years.  

Studies have shown that as people age, more of their income needs are being met by Social Security.  Since Social Security benefits have inflation adjustments, the larger monthly payment could be beneficial if or when personal savings start to run low.

Today, the statistics are growing even more, as many unemployed seniors aged 62 and up have filed for early benefits to cover their expenses as they struggle to find work again and the paychecks start flying in. Since the economic recession, unemployment figures have also been on the rise, along with retirees who've filed for early Social Security benefits.

Procrastination seems to be the rule rather than an exception when it comes to filing applications for social security benefits. There are quite a few out there who end up creating unprecedented delays in filing their applications. 

Most of these people end up waiting for more than several months before applying for these benefits that they are entitled to. Some people decide to wait, as they remain unsure about their eligibility while others do not realize the benefits that these schemes can offer. 

For those who have very little information about these Social Security Disability Benefits it is important to learn why these schemes are so useful. The entire procedure is fast and simple; making it easier for you to avail the benefits right from the day you make the request.

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Behind on Your Retirement Savings?

What steps could you take to catch up?

 

If life has not allowed you to build substantial retirement savings, what can you do to improve your retirement prospects? Here are some suggestions.

Play catch-up. If at all possible, take advantage of the catch-up contributions the IRS allows you to make to IRAs and other retirement accounts starting in the year in which you turn 50. For example, this year a worker age 50 or older can put $24,000 into a 401(k) account compared with $18,000 for someone younger.¹

Get the match. If your employer matches your retirement plan contributions to some degree when you contribute to a workplace retirement plan at a certain level, you should make every effort to get the match and take advantage of what amounts to an offer of free money.

Work a little longer. More years contributing to retirement accounts means additional inflows into those accounts, and additional growth and compounding for those assets. It means you claim Social Security later, resulting in a larger monthly benefit. It also leaves you with fewer years of retirement that you must fund.

Alternately, think about working a little early in retirement. It is true, your Social Security benefits could be docked as a result – but the tradeoff might be worthwhile.

If you are a Social Security recipient and younger than full retirement age in 2015, Social Security will withhold $1 in benefits for every $2 you earn over $15,720. This is called the Social Security earnings test. Social Security essentially balances this penalty out, however, by boosting your benefit as you reach full retirement age – and for that matter, you can earn as much as you want at full retirement age or later with no reduction to your benefits.²

If you retire at 62 and make $25,000 a year through a part-time job you hold during the first five years of your retirement, you are putting a dent in any Social Security income you receive until age 67 – but that $25,000 yearly income can represent $25,000 you do not have to withdraw annually from your retirement savings. You could also invest some of that income, and the annual yield on your investment could exceed annual consumer inflation. Not a bad move in many eyes.

Think about long-run growth investing. One of the biggest risks retirees face is the erosion of purchasing power. Some seniors invest in such a risk-averse way that they lose ground versus even minor inflation. Keeping a foot (or both feet) in the market may be essential if your retirement nest egg is small – not just because it needs to grow, but because it will need to grow faster than inflation.    

Whittle down your debt. As Ben Franklin wrote in the 1758 edition of Poor Richard’s Almanac, “A penny saved is a penny got” (he never actually said “a penny saved is a penny earned”). While you may be thinking “mortgage,” reducing your credit card debt can produce the savings you want now. So can eliminating certain household expenses. Speaking of family expenses…³

Tell your adult children that you will not be supporting them. If you desperately need to catch up on your retirement savings effort, the last thing you want to do is provide your kids with a financial lifeline. You have 15 years or less until retirement; they may have 40 or 45. Helping them pay off their college loans may feel like the right thing to do for them, but it is not the right thing to do on behalf of your retirement.

Take one crucial step before you pursue any of these options. Turn to a financial professional to see what kind of retirement income you may need to live comfortably. (Any such consultation should include a Social Security analysis.) When you retire, having adequate income becomes just as important as having adequate savings.

 

 

 

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

 

Citations.

1 – http://ift.tt/1pHensR [12/1/14]

2 – http://ift.tt/1DgAPup [7/2/15]

3 – http://ift.tt/1CDz3ZC [8/18/14]

 

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Screening Financial Planners is just like choosing a doctor for your surgery

A Certified Financial Planner (CFP) who is not aligned with an organization that has a stake in specific financial products is in the best position to analyze your financial needs objectively. 

The financial needs analysis done by a Partner at our office is grounded in high levels of skill and experience, and is aimed at taking you through the whole process of financial planning.

Screening Financial Planners is just like choosing a doctor for your surgery! If you come to know that the doctor has cases of medical negligence against him, you will never choose him! 

Similarly, if any financial planner has cases of fraud or malpractice against him, make sure that you cut them out instantly. You can come to know about their past history by contacting the Financial Planning Standards Boards or Foundation of Independent Financial planners.

A certified financial planner designation helps people to select the best financial program and guides them to select the best investment and planning tool for the best allocation of their possessions. A skilled professional can sell the financial products well and can help the business to catch the attention of the major amount of customers.

Who needs a financial planner? When is your condition substantial enough for you to pay somebody to keep an eye on your money? These questions haunt every hard working Australian. We would suggest you should focus on another question. 

What does a financial planner exactly do and what situations are worthy of one? We have made today's post based on a few of these essential questions for you so that we can help you handle your decisions more smartly.

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from Choosing A Financial Planner
Questions and Answers - Blog http://ift.tt/1SjgMSV

Someone suffering from depression might have a legitimate claim for Social Security Disability

Your unmarried children and dependent grandchildren under the age of 18 (including adopted children) should qualify for Social Security benefits if you are getting SSDI.  If your child is age 18 or 19, they will also qualify if they're in school full time. 

In some cases, your stepchildren will also qualify to receive benefits. If you have a disabled, unmarried child 18 years old or older who became disabled before they turned 22, they should also qualify to receive benefits.

If you encounter a denial of your Social Security application and you want to file an appeal, there are attorneys who can provide you the legal help that is needed. Through the help of these skilled attorneys, you will have a higher chance of having a successful appeal and receiving Social Security benefits.

There are no hard set standards for paying their child's expenses set by a country. And so, each state figures out on their own the amount of child support that the parent will have to consider, and whether they should award it or not. 

To figure this out, the states check the incomes of the parents, such as, their salary, income from other businesses, Social Security benefits, lotteries, etc.

In some people, depression can be so severe that it renders them unable to hold down a job. If that is the case, someone suffering from depression might have a legitimate claim for Social Security Disability. This article discusses the common disabling depression symptoms as well as how to apply for Social Security benefits if you are disabled by depression. 

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Can the Market Ride Through the Greek Debt Crisis?

U.S. equities face their biggest test of 2015.

 

June definitely ended with some drama. When Greek government officials told Reuters Monday that the nation could not make its €1.5 billion loan repayment to the International Monetary Fund on June 30, the Dow plunged 350.33, the S&P 500 43.85 and the Nasdaq 122.04 while the CBOE VIX rose 36%. The Dow closed under its 200-day moving average. The big three stabilized Tuesday while investors braced for more turbulence.^1,2

Greece’s last-minute requests were turned down Tuesday. Greek Prime Minister Alexis Tsipras asked eurozone finance ministers for an extension, a haircut on the nation’s debt, or a third bailout. Each request was denied, and that meant the official end of the Greek bailout coordinated by the European Financial Stability Fund. The Greek government will present a proposal for a new, third bailout to the same finance ministers (a.k.a. the Eurogroup) on Wednesday. Approval of any such bailout package will only be considered in July.³

The next hurdle is Greece’s July 5 nationwide referendum. Tsipras and his far-left Syriza party have slated a national vote for next Sunday, in which Greeks can express whether they are for or against the current IMF/EU bailout proposal. Practically speaking, Syriza is polling the Greek people to see if they want to quit the euro.⁴

As NPR notes, while Tsipras has argued that the austerity measures imposed on the country amount to a humiliation of Greece, most Greeks want their nation to stay in the EU. Wolfgang Schaueble, Germany’s finance minister, characterized Tsipras’s stand this way: “When you’re driving down the Autobahn and everyone else is driving the opposite direction, you may think you’re right, but you’re wrong.”⁴

Still, Greece could remain in the EU even if it defaults. Though Schaueble has been a severe critic of the Greek government, Bloomberg notes that he has indicated the European Central Bank will do what it must to keep Greece in the eurozone, even if its people vote to leave it. As he told ARD Television earlier this week, “Greece is on a difficult path. But we will do everything to keep Europe stable.”⁵

Germany is Greece’s largest creditor, and German Chancellor Angela Merkel did not soften the nation’s stance in the matter, saying bluntly on June 30: “This evening at exactly midnight Central European Time the program expires. And I am not aware of any real indications of anything else.”⁶

Would a “Grexit” damage the solidarity of the EU? Spanish Prime Minister Mariano Rajoy worried about that this week, expressing that if Greece leaves the eurozone, it would send “a negative message that euro membership is reversible.”⁶ 

If Greece does leave the euro and return to the drachma, it would undeniably make things worse for a nation with 26% unemployment that just experienced a run on its banks and a credit downgrade to CCC- (junk status) by Standard & Poor’s.^4,7

On our shores, the Dow gained 23.16, the Nasdaq 28.40 and the S&P 500 5.48 Tuesday, offering a little hope that U.S. equity markets might possibly be able to decouple from this crisis.⁸ 

   

 

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

    

Citations.

1 – tinyurl.com/ox9yrgh [6/29/15]

2 – http://ift.tt/1UtumXS [6/30/15]

3 – tinyurl.com/pboqjqr [6/30/15]

4 – tinyurl.com/pjht52t [6/26/15]

5 – http://ift.tt/1IUZWJB [6/30/15]

6 – http://ift.tt/1Iqxhfe [7/1/15]

7 –  http://ift.tt/1IUZZoI [6/29/15]

8 –  http://ift.tt/1Hq5lDY [6/30/15]

 

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Financial planners are an important part of maintaining a healthy financial status

Financial planners who are properly licensed by the regulators are often carrying designation such as Independent Financial Adviser or Licensed Financial Planner as they are independent and do not represent any product or service providers, therefore, these financial planners are able to put their client best interest on the top as they will not have conflicting interests, hence making unbiased financial advice are no longer a pipe dream but reality.

Financial planners are an important part of maintaining a healthy financial status for a lot people around the world. Their effectiveness in creating better investment opportunities as well as teaching their clients to properly handle financial challenges and problems that they may encounter as they start participating in various avenues of investment. 

There are a lot of people offering their services as financial planners or advisors, however only certified professionals should be trusted with sensitive financial information and can be relied upon to provide accurate advice and forecast that can be the difference in earning and losing cash every year.

A Financial Planner typically prepares financial plans for his or her clients. The kinds of services financial planners offer can vary widely. Ideal financial planners analyse every aspect of their clients' financial life — including saving, investments, insurance, taxes, retirement, and estate (inheritance) and help them develop a detailed strategy or financial plan for meeting all your financial goals. 

Such ideal financial planners are independent, not tied to any bank, insurance or investment companies, and act wholly for the interest of their clients. They do not receive any commission for any financial products bought by the clients, these independent financial advisers only receive fixed fee for their service.

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from Choosing A Financial Planner
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Married women who will qualify for survivor benefits from their spouse can consider drawing upon their Social Security benefits early...

Many Americans held their breath to see if Congress was going to extend the payroll tax cut at the beginning of this year. 

While most were happy to hear the cuts would be extended, many risk losing their benefits if these cuts continue. 

Because payroll taxes take care of a large portion of the funds by which many Social Security benefits are drawn, these cuts have taken quite a sizeable chunk out of an already dwindling pot. 

The current payroll tax cuts extension allows for employers to pay 2 percent in taxes, rather than the 2 maintained in previous years. With nearly 9 million Americans depending on Social Security benefits for their survival each month, further tax cut extensions could seriously threaten the future of benefit funds.

In 1940, benefits paid totaled $35 million. These rose to $961 million in 1950, $12 billion in 1960, $39 billion in 1970, $125 billion in 1980, and $248 billion in 1990 (all figures in nominal dollars, not adjusted for inflation). In 2004, $492 billion of benefits were paid to 45 million beneficiaries. In 2009, nearly 51 million Americans received $650 billion in Social Security benefits.

Married women who will qualify for survivor benefits from their spouse can consider drawing upon their Social Security benefits early, as long as their spouse waited until full retirement age to begin drawing benefits. 

This ensures that the survivor benefits a married woman receives is not reduced by up to 25% for early retirement, and will be an amount that is better suited to sustain her during her later years of life.

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