You may be eligible to start drawing Social Security as soon as you turn 62, but this doesn’t mean you necessarily should. By waiting a few years, you will get a higher monthly payment and potentially more total income. So how do you decide? If you need Social Security to get by, then the decision is easy: take it when you can. If you’re in the much happier situation where your family is earning good money without Social Security benefits (say your spouse is working a well-compensated job), then the decision is also fairly easy. Your Social Security, in this case, is going to be pretty heavily taxed, so don’t take it yet. But if all you care about is drawing the most Social Security you can before you die, the calculation is fairly simple: Let’s say you’re eligible to draw $1,100 a month when you turn 62, but you would […]
Q4 GDP Revised Upward by Strong Consumer Spending WEEKLY UPDATE – MARCH 28, 2016 Stocks ended the holiday-shortened week down, snapping their five-week winning streak. However, losses were mild amid low trading volume before the Easter weekend. For the week, the S&P 500 lost 0.67%, the Dow fell 0.49%, and the NASDAQ dropped 0.46%. Last week’s economic calendar was highlighted by the third estimate of fourth-quarter 2015 economic growth. The report showed that Gross Domestic Product grew much faster than originally thought- by a 1.4% annualized rate instead of 1.0%. For all of 2015, the economy grew by a respectable 2.4%- not too shabby considering the headwinds the country faced down last year. The revision reflected much stronger consumer spending than originally thought, which is a relief to recession-watchers and could bode well for the economy in 2016. Spending is being supported by a strong labor market and low gas […]
4 Things Retirees Can Learn About Retirement After 18 years in the National Football League, the Denver Broncos’ star quarterback, Peyton Manning, is calling it quits after a very successful career. We wish him well and hope that he’s made the preparations needed to enjoy a long, comfortable retirement. If he has, he’ll be in the minority. Research shows that an estimated 60% of retired NFL players go broke within five years of retirement; nearly 16% declare bankruptcy. Fortunately, there’s a lot that Peyton can do to avoid that fate. While most of us won’t be retiring at 39, retirees still have a lot of the same worries as pro athletes. Here’s the advice we would give Peyton if he were our client and friend. Dear Peyton, Congratulations on your retirement! You’ve had an amazing career and I’m glad you got to go out on a high note. I’m excited […]
There have been numerous articles written on the correlation between money and happiness. A quick Google search will turn up 650,000,000 pages. Most of these articles offer similar conclusions, like this February 2015 article in the Huffington Post, that while money can provide you with a certain level of comfort, it will not make you happy. So I began thinking—your bank accounts may tell you what you can and can’t afford, however, can they really tell you how wealthy you are?
We’ve all heard the story of “Chicken Little”. The irrationality created a by an acorn landing on his head, signals hysteria throughout a group of animals he comes in contact with and creates a state of panic that leads each of them to their demise at the hands of a sly sneaky fox. What on earth does “Chicken Little” have to do with your financial future? The lesson learned in this crafty little folk tale can help keep you from making a major investment blunder! I have roughly a 20-minute drive to work each day and on any given day in that period of time, I will hear no less than five advertisements from insurance agents and financial advisors alike, proclaiming the enormous gains for a product called an Equity Indexed Annuity. What exactly is that and why do they land on my list of biggest pet peeves? CNN Money’s […]