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Ask Larry: Can I Get Early Spousal Benefits And Delay Retirement Benefits?

Ask Larry: Can I Get Early Spousal Benefits And Delay Retirement Benefits?

Ask Larry: Can I Get Early Spousal Benefits And Delay Retirement Benefits?. Larry Kotlikoff is the founder and president of Economic Security Planning, a company that markets Maximize My Social Security, a Social Security benefits calculator referred to in this post. Ask Larry about Social Security: Ask Larry *Obligatorio Ask your question here! Hi Larry, My husband started drawing his Social Security at age 62 due to necessity. I have earned much less (and my retirement benefit will definitely be less than my spousal benefit). My company's Social Security software, Maximize My Social Security, or another top notch program can help you find your best filing strategy. Best, Larry Can My Husband File For Just Spousal Benefits At Age 66, And Then On His Own Record At Age 70? Hi Larry, I started receiving my retirement benefits at age 62. If you do get a job and expect to earn more than the Social Security limit, be sure to notify Social Security of your expected earnings in a timely manner. To learn more about your Social Security options, visit Maximize My Social Security.
How To Protect Your Family Members — Or Yourself — From Elder Abuse

How to protect your family members — or yourself — from elder abuse

How to protect your family members — or yourself — from elder abuse. A trusting nature can get older people in a lot of trouble when it comes to finances. Here are ways to protect against financial elder abuse: Go beyond reviewing bank and investment accounts The elderly, their loved ones and financial advisers can skim bank and investment accounts or credit card statements to see if something is wrong, or missing entirely, but they should also question certain transactions. “Once you get on one list, you have other telemarketers sending you emails to try and get on other subscriptions,” he said. When credit card or bank statements aren’t easily available, a quick check around the house could do the trick: If someone is being taken care of by a relative or aide, is there enough food in the fridge? Also, look to see bills are being paid and the mail isn’t piling up, said Adam Schoenfarber, a social worker at hospice provider MJHS. A loved one isn’t hurt, and not falling for ‘the best deal’ Scammers are crafty, and the elderly are trusting and open to talking on the phone and entertaining offers, Minear said. Scams can be as simple as deceiving older people, or they can be exaggerated claims that a loved one is hurt and needs money sent to them immediately, according to the National committee for the Prevention of Elder Abuse. As an adviser, it helps her establish a relationship with the client and the loved one, which can help thwart potential financial losses in the future — for example, one time a client of hers said she was missing $10,000 within 72 hours that it disappeared. Cheng along with her client and client’s son were able to contact the bank and get everything sorted out quickly — something Cheng said she may not have been able to do had they not already established that relationship.
Talk About Going Out On Top: Daniel Day-Lewis Announces His Retirement

Talk about going out on top: Daniel Day-Lewis announces his retirement

Talk about going out on top: Daniel Day-Lewis announces his retirement. He is immensely grateful to all of his collaborators and audiences over the many years. This is a private decision and neither he nor his representatives will make any further comment on this subject,” his spokeswoman said in a statement to Variety. Day-Lewis, 60, has had an enviable career and appears to be retiring at the top of his game. He won three best-actor Oscars, one for “My Left Foot,” another for “There Will Be Blood” and the third for “Lincoln.” He earned two other Academy Award nominations for “Gangs of New York” and “In the Name of the Father.” He’s known for his method acting, inhabiting a role completely while working on a project. For example, while shooting “Lincoln,” he spoke in Abraham Lincoln’s voice even when the cameras were off; for “Last of the Mohicans” he learned to build a canoe and skin animals; and for “The Boxer” he learned to box, according to a 2012 New York Times profile. Has anyone checked to make sure Daniel Day-Lewis isn't preparing to play the role of an actor who retired as the best actor alive? — David S. (@AE_DavidS) June 20, 2017 His last film will be “Phantom Thread,” which takes place in the 1950s in the world of London fashion and is directed by Paul Thomas Anderson. It will be released Christmas day. Day-Lewis has a reported net worth of $50 million, according to, which puts him well ahead of most people when it comes to financial security in retirement.
Cenovus Energy Inc Plunges After Announcing CEO Retirement And New 5-Year Plan

Cenovus Energy Inc Plunges After Announcing CEO Retirement and New 5-Year Plan

Cenovus Energy Inc Plunges After Announcing CEO Retirement and New 5-Year Plan. What happened Shares of Cenovus Energy (NYSE:CVE) sold off on Tuesday, falling more than 10% by 10:45 a.m. EDT. Fueling the latest drop was the announcement that CEO Brian Ferguson will retire later this year, as well as an update on the company's growth plans amid the fallout of a decision to buy several oil and gas properties from ConocoPhillips (NYSE:COP). Initially, Cenovus Energy planned to sell 1.8 billion Canadian dollars' ($1.36 billion) worth of assets to help offset the cost. The company plans to drive that growth by increasing production at a 6% compound annual rate, primarily by expanding output from its oil sands assets and the Deep Basin gas assets it bought from ConocoPhillips. That said, with crude currently below $45 per barrel, investors think that the company is overestimating its growth potential in the current market. Now what The market continues to punish Cenovus Energy for its decision to buy several of ConocoPhillips' oil and gas properties in Canada because it stretched its balance sheet way too thin. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market. That's right -- they think these 10 stocks are even better buys. You can't go back and buy Amazon 20 years ago…but we've uncovered what our analysts think is the next-best thing: A special stock with mind-boggling growth potential.
Retirement Takes More Than Curb Appeal

Retirement Takes More Than Curb Appeal

Let’s face it, retirement usually comes with a lot of curb appeal. However, those are the public places that we allow other people to see and experience. They are all very real parts of retirement that you can’t just paint or wallpaper over, hoping that those thoughts and feelings just go away. In other words, the thoughts and feelings that hold everything together. As people go through their first few years of retirement they try and rationalize that feeling out of sorts, less relevant, or isolated isn’t a big deal and that those feelings can just be shrugged off. She retired early, had plenty of money and lived in an exclusive subdivision. Therefore, take the time to look for cracks or leaks in the key areas of your life. Find an expert who can help you develop concrete plans for the non-financial aspects of everyday life in retirement. Working through issues of fear, resentment, or regret won’t happen overnight. Retirement can be a beautiful home both inside and out, but it will only happen if all the rooms of our life are open to the planning process.
Do You Need To Pay Off Your Mortgage Before You Retire?

Do you need to pay off your mortgage before you retire?

Do you need to pay off your mortgage before you retire?. In general, lower income households with total investable assets of less than a million are best served working to pay off the mortgage by retirement. Higher income households with over $1 million of invested financial assets may want to think about debt more strategically — in much the way a corporation would. "You are a lot better off if you can bring more money to the table through the strategic use of debt and then target a lower, less-volatile return," says Thomas J. Anderson, in his book “The Value of Debt in Building Wealth,” which discusses the appropriate use of debt for high net worth households. If you itemize deductions, mortgage debt can help reduce taxable income in retirement. Very high-income households may not see all the tax benefits, but the appropriate use of debt can provide creditor protection. Florida's homestead exemption provision allows a virtually unlimited amount of equity to be protected (subject to certain requirements) which is why you see many wealthy folks purchase property there. If you own a business or work in a high-risk profession, it may not make sense for you have more equity than the amount of the homestead exemption in your state. In cases where I advise higher net worth retirees to keep the mortgage, it's because if they pay it off, the only financial assets they'll have left are the funds that are in retirement accounts ) — which means each time they take a withdrawal it's all taxable income. In my more than 20 years of helping folks plan for retirement, I've advised many to pay off the mortgage, and many not to.
The One Retirement Expense That Might Catch You Off Guard

The One Retirement Expense That Might Catch You Off Guard

Retirement plan withdrawals Unless you have a Roth IRA or 401(k), the money you withdraw from your retirement savings will be taxed as ordinary income. Social Security benefits While some people -- namely, those without much else in the way of income -- don't pay taxes on Social Security, you shouldn't count on getting those benefits tax-free. To do so, add up the amount of income you receive outside of Social Security (such as your retirement plan withdrawals) plus 50% of your yearly Social Security benefit amount. Even if your provisional income falls below the tax threshold, you might still face taxes on your Social Security benefits based on where you live. Many folks, in fact, hold investments in traditional, non-tax-advantaged brokerage accounts, and while that money is yours to access as you see fit (meaning you won't face required minimum distributions), you will pay taxes on gains or earnings from your investments. Anytime you make money from an investment held for a year or less, you'll face short-term capital gains, which are taxed as ordinary income. So if you typically lose 25% of your retirement plan withdrawals to taxes, you'll pay that same rate on investment gains for assets held less than a year and a day. Investments that pay you money might also cost you in the way of taxes. But if you learn more about the taxes you might pay in retirement, you'll be better equipped to account for them and avoiding getting caught off guard. Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after.
Our Retirement Investment Drawdown Strategy

Our Retirement Investment Drawdown Strategy

Our Retirement Investment Drawdown Strategy. We have 56% of our retirement money in Before-Tax accounts, which will be a tax management challenge in retirement (you’ll see details on our strategy for minimizing taxes in the detailed strategy below). Below is a summary of the types of funds best suited to various tax accounts: Delay The Pension One of the biggest decisions we have to make prior to our retirement date is when we’ll start our pension. Interesting analysis, glad I have some time before I have to finalize our pension start date decision. Tax Optimize IRA conversions into A Roth If we defer our pension, it also means our income will be zero during the deferral period. If we have a good year, the $12k will roll over to the next year, an additional $12k will be added in January, and the Reserve will begin to grow. Our Retirement Investment Drawdown Strategy. The concept is this: The Chain will be built through the words and backlinks of blogs written by anyone in the network of Personal Finance bloggers who have decided to write a post on their personal drawdown strategy. Here’s how to join the chain: 1) Write A Post on Your Drawdown Strategy. All of the links in the chain, coming together, see how that works?).
15 Jaw-dropping Predictions For Workers Over 50

15 jaw-dropping predictions for workers over 50

15 jaw-dropping predictions for workers over 50. These are some of the fascinating forecasts I’ve just heard regarding the future of work for Americans over 50. To help set the scene, let me share what Roy Bahat, head of Bloomberg Beta and co-chair of The Shift Commission on Work, Workers and Technology, told the Milken Institute Global Conference I recently attended in Los Angeles: “As much as we like to talk about millennials, the future of work is much older.” By 2024, his Shift Commission report notes, nearly one-quarter of the workforce is projected to be 55 or older — more than double the share in 1994. Here are 15 forecasts for the future of work for Americans over 50, split by time period: In the next 5 years Many 50+ workers will delay retirement a few years or work part-time in retirement for extra income, say Green, Mahaffie and Jarratt. Why not ones for their 50+ workers? “The trend of working well into the third quarter of life, for pay and/or satisfaction, will be increasingly expected and common.” But much older workers may be forced to retire by law. Samuel predicts “new mandatory retirement regulations will push 80-somethings out of the workplace.” The key word for workers over 50 will be “alongside.” For instance, they’ll often be working alongside AI-engineered robots (rather than losing jobs to them), say Green, Mahaffie and Jarratt. This echoes the recent Next Avenue blog post I wrote, “Why Robots Won’t Be Coming for All Our Jobs.” Also, “there may be more situations of volunteers working alongside paid workers, maybe even managing projects or teams,” write the futurist trio. The three futurists wrote: “White-collar workers who are downsized or displaced will be more likely to find replacement jobs, but often for less money.” Say goodbye, too, to the traditional linear life of education, work and then retirement. “Genius clubs” and other forms of organized groups will likely emerge to “organize and channel older workers’ talents, products and services for pay and “do-good” projects, say Green, Mahaffie and Jarratt.