A 2018 study by Northwestern Mutual found that nearly two-thirds of Americans who have a plan to save money for retirement are certain they’ll outlive their savings. Moreover, one in five Americans (21 percent) have no retirement savings at all, and another 78 percent are concerned about not having enough money saved for the future. Here is…
Social Security: Protective Filing Dates
This is going to be a column about a special procedure that the Social Security Administration routinely uses that is intended to help people by protecting their rights to possible benefits. It’s called a “protective filing date.” In a nutshell, if you contact the SSA and tell them you intend to file for some kind…
Follow the Plan, and Make Stuff Happen!
Dear Dave, I just started Baby Step 3 of your plan. It took me about 12 months to pay off $8,000 in debt during Baby Step 2. I am 50, and I work in the printing industry making about $38,000 a year in a city with no local or state income tax. I have not…
‘Uncharted Waters’: Canada Pension Plan’s 75-Year Sustainability Forecast
Projections that the Canada Pension Plan (CPP) is sustainably funded for 75 years may seem reasonable, analysts say, but they warn that variables could mean changes in the plan’s future operations. The CPP Investment Board (CCPIB) says the CPP will be sustainable over that period based on the most recent triennial report by Canada’s chief…
Happy Retirement Living Requires These 5 Traits
People often transition smoothly into retirement and enjoy their new lives right away. However, some people have a more difficult time settling into retirement than their peers. It’s even possible that some of us will delay or put off retirement entirely to overcome our fear of uncertainty. Regardless of how you feel about retirement, here…
More Questions About Social Security Disability Benefits
Q: I have been getting Social Security disability benefits since 2010. I am coming up on my 62nd birthday and would like to know if I can file for regular Social Security and get higher retirement benefits. Also, I have a 14-year-old daughter who is currently getting benefits on my disability record. Will she get…
A Social Security Pop Quiz
OK, class. You’ve been reading my column for a number of years now. It’s time to see how much you’ve learned. So put on your thinking caps, get out your No. 2 pencils, and good luck with this short pop quiz. Question 1: How many years of earnings are used to compute a Social Security…
Happy Valentine’s Day, Honey—Do You Want Flowers or Social Security Benefits?
I suppose it’s normal for husbands to give some extra thought to getting something for their wives around Valentine’s Day. And if my emails are any indication, these guys weren’t just thinking of getting them some flowers or candy. They were thinking about giving them spousal benefits from Social Security. (And before I go on,…
9 Memorable Retirement Party Ideas
There were 28.6 million Baby Boomers—those born from 1946 to 1964—who reported a retirement status at the end of the third quarter of 2020. Suffice to say that means that there could be a lot of retirement parties to plan in the foreseeable future. A retirement party celebrates a retiree’s achievements and marks the beginning…
Maids and Nannies and Social Security
Sometimes I think my wife and I are the last middle-class couple in the country who haven’t hired a maid to clean the house. I know we’re the last couple in our neighborhood who are “maidless.” Every week, up and down our block, I see maids pulling up to houses, getting out their vacuums and…
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