March 31, 2016

When Should I Start Drawing Social Security?

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 […]
February 23, 2016

Three Phases of Strong Financial Planning

Which phase are you in? Are you making the right decisions in this phase?