Breaking News: Major Changes Coming to Social Security Filing Strategies
After the market crash of 2000, Congress passed the Senior Citizens Freedom to Work Act. This law was intended to enable people who had previously retired and claimed their Social Security benefit to stop receiving their monthly check while they returned to work and continued earning retirement credits. Doing so would enable the worker to earn more income while increasing their future Social Security benefit. An unintended consequence of this adjustment was that it enabled U.S. citizens to explore and take advantage of various strategies to maximize their Social Security benefits that were outside the intentions of the law. These strategies became known as the “file and suspend” strategy, and the “restricted application” strategy. As part of the 2016 budget, President Obama and Congress intend to prohibit people from utilizing these strategies going forward. At the time of this publication, these proposed changes are not yet law. Although both the House of Representatives and the executive branch have signed off on these bills, they still need to be approved by the Senate before the laws go into effect. However, this is expected to occur with minimal modifications within the first week of November.Two Reasons to Consult an Investment Advisor Today for Retirement
Planning for retirement can never start too early. Consulting with an investment advisor can ensure that you have enough for your later years.Social Security Planning: A Necessary Step to Retirement
It is important to map out your retirement to ensure you will have enough to live on. Social security planning will help you determine how much government income will make up your monthly budget.Which Is Better For Retirement? A Tax Deferred Retirement Plan, Roth IRA, or Life Insurance?
When it comes to retirement planning our clients have a number of different choices. Typically, they must decide between a tax deferred retirement plan or a Roth retirement plan. A tax deferred plan offers a tax deduction for contributions and then the money grows tax deferred.How Much Money Will You Need to Retire On?
The importance of Money, is one of the most common misconceptions people have. You need to let money serve you and you need to know how important money is in everything concerning your life.