I usually like to write columns centered on one particular Social Security topic. But every once in a while, I just like to reach into my email inbox and answer whatever questions I pull out of that online mailbag. Q: I am 82. My wife is 80. We both took our benefits at 66. I…
When Should You Annuitize Your Annuity? Timing Does Matter!
When to annuitize an annuity is a question that many retirees and people saving for retirement face. After many years of saving and waiting to start reaping the benefits, you finally reach retirement age and wonder: should I annuitize now? In one year? In ten years? Does it make a difference? The answer is yes….
14 Ways to Stretch Your Retirement Savings
When you’re looking at the fast-approaching years of your planned retirement, you may be thinking about how much you’re looking forward to being free from a daily work schedule. But, if you’re like most folks, you’re also thinking about how on earth you’re going to pay for it all with your retirement savings. It’s a rare…
Beneficiary Designation: Don’t Leave Your Loved Ones in the Cold
June 25, 2022
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If you have life insurance policies, retirement accounts, or annuities, it’s your responsibility to designate a beneficiary. Naming a beneficiary ensures that your loved one or heir is taken care of in the manner you want. What Is a Beneficiary A will isn’t the only document that establishes who will receive your assets once you pass…
Tax and Retirement Consequences of Biden’s 2023 Budget Proposal
As part of the Biden administration’s fiscal year 2023 budget proposal, aka the Green Book, for the Treasury Department, Janet Yellen testified before the Senate Finance Committee and the House Ways and Means Committee in early June 2022. Her first stop was the Senate Finance Committee, where she testified on June 7 at a hearing on “The…
Social Security Benefits Are Not Prorated
June 21, 2022
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Q: It has always puzzled me why Social Security takes back a person’s Social Security check for the month he or she dies. My aunt died in April, and as her executor, I was counting on using her last Social Security check to pay off some of her bills. But the government took that money…
Don’t Know When to Retire? 4% Rule Can Help
The idea of taking a long, non-working break at the end of your life goes back to 1880s Germany (then Prussia). During Otto von Bismarck’s presidency, the Prussian government-funded old-age pensions for those 70 or older. Bismarck’s proposal was quite innovative. You couldn’t end your “working life” while you were still alive before it. In…
Changing Your Annuity—The Section 1035 Exchange
Choosing an annuity isn’t easy. You’ll have to weigh up the benefits and costs of fixed and variable rate annuities, and qualified and non-qualified annuities. You’ll then have to choose a contract that you hope will deliver the highest returns. Of course, you might get it wrong. You could choose a variable rate annuity from…
Borrowing From Your 401(k): Last Resort or Sensible Option?
A 401 (k) plan is a great place to borrow funds for a short-term emergency or large purchase. However, there are pros and cons to doing this. And in some instances, there are risks. What Is a 401(k) Loan? A loan from your 401(k) is not a true loan. There isn’t a lender, and you…
What Is a Variable Annuity
As previously discussed, when it’s time to buy an annuity, you have the choice between an immediate and deferred annuity. If you prefer an immediate annuity, you’ll make a lump-sum payment. Within a year of the contract, the insurance company will begin issuing you a monthly income—which can either be for a specified number of…
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