People sometimes decide that they would like to continue working even after they reach the age of Social Security eligibility. Some simply enjoy their work and they see no real reason to step away. Others continue working out of financial need. If you do not want to be forced to work as a senior citizen you would do well to engage in some intelligent retirement planning. When you work up a cogent plan for the future with the assistance of a good South Carolina financial planning attorney you … [Read more...] about Is There a Penalty for Working While Receiving Social Security?
The Social Security rolls are swelling these days as the baby boomer generation reaches the age of eligibility. As more and more people start to receive their Social Security benefits the cost of administering the program is going to continue to rise as well. Providing income is not the only expense. At the present time 10% of people who are receiving Social Security are getting paper checks in the mail each month. Given the high volume of recipients overall the cost of sending out these checks … [Read more...] about Paper Check Option Being Eliminated by Social Security Administration
If you are one to live in the moment and just let the chips fall as they may who knows, you may be in a financial position to enjoy your retirement and leave behind a suitable legacy. However, when you look at the statistics you find that a very significant segment of the population will pass away with virtually nothing. Experts traditionally have looked at retirement preparedness by examining the financial health of individuals as they approach retirement age. However, this tells an … [Read more...] about Reverse Analysis Reveals Telling Statistic
If you or your spouse have worked for at least 10 years you should qualify for Medicare when you reach the age of eligibility. Unlike Social Security the age of eligibility for Medicare is the same for everyone regardless of the year during which you were born. As of this writing you become eligible to receive your Medicare benefits when you are 65 years of age. So at that time you have reached health care Shangri-La, right? You no longer have to worry about paying any medical expenses … [Read more...] about Is Medicare Free Once You Become Eligible?
Considering the tax burden that you will be carrying after you put your working years behind you is important if you want to be intelligently prepared. Most people who retire are going to be living on a fixed income and the fewer expenses you have the better. Rising taxes could continually erode your discretionary income. Property taxes are something to evaluate. Of course the amount that you must pay is tied to the value of your home, so you may want to consider downsizing if you have a lot … [Read more...] about Some States Are More Retirement Friendly Then Others
Getting into business for yourself can be quite rewarding on a number of different levels. Of course it is nice being your own boss, and there may be virtually no limit to what you can achieve as you build the business over the years. However, you have to ask yourself how you are going to exit the business after you retire or in the event of your death. This can take some careful planning and it is a good idea to get started early on. If you intend to retire someday you have to devise a plan … [Read more...] about So You’re In Business—How Will You Get Out?
As you start to get serious about looking toward the future it is useful to see a holistic picture. Everything is connected, and the actions that you undertake in the present are going to impact the position that you are in later on. When it comes to retirement the ideal scenario is to have little to no debt, a solid ongoing income stream and a significant store of financial resources to fall back on. So, as you are planning ahead you would do well to address first things first and do … [Read more...] about Don’t Let Debt Hinder Retirement Plans
A lot of people who own farms and ranches work hard to make a good living. However, they may not earn so much as to be considered wealthy by any stretch of the imagination. As a result, their savings may be relatively modest and fall well short of the estate tax exclusion amount. However, the land upon which they run their businesses may in fact be very valuable and exceed the amount of the estate tax exclusion. For this reason it can be difficult for farmers and ranchers to keep the property … [Read more...] about Keeping The Farm In The Family
Preparing for retirement involves having a good idea of the financial resources that you are going to need to pay your way after you are no longer earning a paycheck or receiving income from your business. To be able to do this you are going to need to have an idea of your expected lifespan. Lifespans have been rising over the years as medical science develops advanced capabilities and people have a better understanding of how to take care of themselves. The average lifespan in the United … [Read more...] about Be Aware Of Your Expected Lifespan
If you want to travel and enjoy your leisure time to the utmost you are probably going to have to plan ahead carefully so that you have resources to draw from beyond your Social Security benefit. If you get started early enough and stick to an intelligently conceived plan for an extended period of time you should be able to enjoy your golden years in comfort. It is however important to gain an understanding of what to expect from Social Security when you are making preparations for your senior … [Read more...] about Social Security Spousal Benefits