Single? Retired? Need Money?

WHO DOESN'T?
You've all seen those ads offering you ways to make more money in retirement doing everything from addressing envelopes to phone soliciting.  99% of them are schemes and you actually spend more money than you'll make.

But you might be able to increase your monthly retirement income just by reviewing your Social Security (SS) Benefits!   That simple -- YES!!

As I talk with divorced and widowed retirees (especially single women), I'm finding out that many of them are not getting the maximum SS benefit that they could receive in retirement because they have had to take their SS payment at the earliest eligibility date rather than wait until age 70.

What they are unaware of is that they "might" be eligible to claim benefits from their former or deceased spouse instead when they reach the minimum eligibility age, and hold off collecting under their own work record.   I stress "might" because each case is different and there are certain criteria that have to be met.   The exact wording from the SSA website:

"If you qualify for benefits as a widow, widower or surviving divorced spouse on another record, you may choose to apply for survivors benefits now and delay your retirement benefit until later."
http://www.ssa.gov/retire2/otherthings.htm

In cases of divorce, your EX must be retirement age eligible, BUT the EX does not have to be retired.

To apply you must have a copy of your marriage certificate, divorce papers or proof of death and that other person's SS number.  You can easily start your research online, but I highly recommend you go in person to a SS office for a final determination of your benefits.

Why not take a few minutes and explore the SS website?  Who knows, you just might be one of the lucky ones and find hundreds of dollars in unclaimed benefits waiting for you!

7 Deadly Sins!

WILL I HAVE ENOUGH MONEY??

 

That's definitely the number one concern of anyone facing retirement.      We all like to think that we have adequately planned for our retirement, but for most Boomers, it's frightening to think that I might outlive my money.  A new book, "The 7 Deadly Retirement Sins" by Ryan Zacharczyk, CFP offers some excellent tips to ensure your money doesn't expire before you do.    The first part of the book is a fictional account of a compilation of many retirees who have faced several of the same issues we all do in retirement.   It's just to give you a little insight into what others are facing.

 

The 7 Sins according to Mr. Zacharczyk are:

1.  Retiring too early or living above your means.

2.  Improper Investment Asset Allocation.

3.  Collecting Social Security at the wrong time

4.  Working with the Wrong Advisor or No Advisor

5.  Paying too much in Fees and Expenses

6.  Trying to Time the Market

7.  Lack of Health Insurance

 

Overall, I felt he made some excellent points regarding retirement planning and the only one I disagree with is # 3.   He advocates holding off as long as possible to take Social Security (SS).  I disagree as in most cases it will take a person 7 to 8 years to recoup what they could have gained in taking SS as soon as possible.   My thoughts on taking it early are:

 

1.  You may not live until full retirement age.

2.  SS may no longer be available.

3.  The present value of money.

 

Obviously, if SS is going to be your only retirement income, you may want to postpone it as long as possible.

 

BOTTOM LINE:   You can never over plan for your financial security in retirement; so, why not take a few hours and read his book.   It's an easy read with some very insightful tips.

 

For additional info go to:

www.amazon.com/The-7-Deadly-Retirement-Sins/dp/1938686004

Social Security Bucks

Can you believe it.......over 10,000 Boomers a day become eligible for Social Security!!

To make the Retirement Application Process easier for us Boomers, the Social Security Administration (SSA) has announced a new online process. For more info, go to http://www.socialsecurity.gov/ and click on “Applying Online for Retirement Benefits.” You can view the SSA’s new public service announcements featuring Patty Duke at that site.

We female Boomers have some unique needs because a large percentage of us earn less than $40,000 a year; many of us will not receive a pension and we still earn only 77 cents for every $1 earned by a man.

The Women's Institute for a Secure Retirement (WISER Women) at http://www.wiserwomen.org/portal/ deals with these issues and more. Be sure to check out the Women and Social Security Section.

Some women overlook the fact that if you are divorced, but were married more than 10 years and were wife #1, then you might be eligible for Social Security benefits based upon your ex-husband's earnings. Something you should look into!

It's Over!

I'm so exhausted! I went to my first Election Party last night. When I got home I was so wired over the Election results that I stayed up half the night watching CNN. It was such a historic moment for our Nation and so exciting to me with voters coming out in record numbers and women playing such a critical role in the final outcome. As I watched President-elect Obama's Victory Speech and scanned the sea of people in Grant Park, their jubilant faces created a colorful tapestry representing our multi-cultural and multi-generational Nation - White, Black, Asian, Hispanic, American Indian, young, old.

Now I expect him to keep his word and deliver on his campaign promises that will help us retired Boomers. We retirees have worked hard all of our life and need to be able to joyfully look forward to retirement without daily concern over our health and financial needs. Issues important to all of us are:

Health Care: He promised affordable, easily accessible, and high-quality health care for everyone. This is a critical issue for many retirees because most companies do not allow an employee to carry their Medical Insurance into retirement. Retirees need some form of universal health care so that they no longer have to fear financial ruin from unexpected medical expenses.

Social Security: He’s against efforts to privatize Social Security and supports building a reserve for Social Security.

Taxes: He plans to eliminate income taxes for all senior citizens making less than $50,000. That proposal alone will positively impact more than 7 million seniors a year. Under his tax proposal, over 27 million senior citizens will no longer have to file an income tax return.

Now that the Election is over, I sincerely hope that the leaders of both Parties can put aside their differences and work together to kick-start our economy, to unify our nation and to provide everyone with not just hope for a better future, but to create a pro-active plan that will make it happen.