Managing Your Money Blog
When can I collect my Social Security retirement benefit?
Submitted by S. F. Ehrlich Associates, Inc. on February 1st, 2017
You know you're entitled to a retirement benefit from Social Security, but there seem to be a lot of rules regarding when you can actually collect it. To understand some of those rules, let’s assume we’re talking about an individual at Full Retirement Age of 66 with a Primary Insurance Amount of $2,500 per month.
Stan's World: It's Prediction Time! Or Is It...
Submitted by S. F. Ehrlich Associates, Inc. on January 3rd, 2017
January 3, 2017
Happy New Year! Best wishes for a healthy, happy, and prosperous 2017.
As the year drew to a close, we moved into the prediction silly season. In an often futile attempt to predict and outsmart the markets, print, on-line, and television media were filled with pundits predicting the markets will go up (or down); interest rates will rise (or fall); housing prices will climb (or drop); and on, and on. It’s an inevitable occurrence.
Thus, I think it’s only fitting that I make at least one prediction, a prediction I am confident has a 100% probability of occurrence. Unfortunately, I’m unable to tell you the date when it will occur, as my predictive powers are somewhat limited.
Staying Safe In The Hospital
Submitted by S. F. Ehrlich Associates, Inc. on January 3rd, 2017A Purpose Driven Life: What Gets You Up In The Morning?
Submitted by S. F. Ehrlich Associates, Inc. on January 3rd, 2017
January 3, 2017
As every client, prospect, friend, the Shop-Rite fishmonger, and my spouse can all attest, I think it’s important to discuss what people are going to do in retirement. (I know what they’re not going to do: work...but what are they going to do.) Some tell me they don’t need my help (e.g., my spouse), while others tell me they’re going to continue selling fish for a living (e.g., the fishmonger).
Social Security - How does the earnings limit work?
Submitted by S. F. Ehrlich Associates, Inc. on October 1st, 2016
While a Social Security recipient can collect her retirement benefit any time between 62 and 70, that doesn’t mean she has completely unfettered access with no strings attached. In fact, the Social Security earnings limit might prevent someone from collecting their full retirement benefit if they have employment earnings.
Social Security: Can I claim retirement benefits off of my ex-spouse's record?
Submitted by S. F. Ehrlich Associates, Inc. on October 1st, 2016
The Social Security system is filled with complexity - questions ranging from when should I claim to isn't the Social Security system bankrupt to when can I collect my Social Security retirement benefit are kicked around on a regular basis.
So what if you're divorced? Thankfully, many rules and strategies remain the same regardless of whether you're married or divorced, albeit with a few caveats. The requirements that need to be satisfied in order to collect off of an ex-spouse's record are as follows:
Myth: Take the money and run - it doesn't pay to delay collection of Social Security
Submitted by S. F. Ehrlich Associates, Inc. on October 1st, 2016
"I just turned 62 and am now eligible to collect my Social Security retirement benefit. Why wouldn't I take the money and run?"
- Overwhelming majority of Americans
Reviewing recent reports on Social Security collections, approximately 90% of people claim at or before Full Retirement Age, and the majority of those folks are collecting at 621. And possibly with good reason. For example, would I ever recommend someone go into credit card debt to purchase groceries all in the name of delaying collection of their Social Security? Of course not! However, if there are other assets you can tap to meet everyday living needs, it's at least worth considering what value you might be leaving on the table by collecting upon eligibility as opposed to waiting a few more years.
Myth: I'm not going to live long enough to benefit from delaying collection of Social Security
Submitted by S. F. Ehrlich Associates, Inc. on October 1st, 2016
I was speaking with everyone's favorite skeptic, Billy Know-It-All, recently (you know, the one who claims that Social Security is bankrupt?), and he was up to his old antics again. We were discussing the optimal time for him to claim Social Security, and inevitably life expectancy comes up.
Myth: The Social Security system is bankrupt
Submitted by S. F. Ehrlich Associates, Inc. on October 1st, 2016
We've all been there before, a perfectly pleasant and enjoyable evening at a cocktail party is progressing swimmingly. The kids are tucked in, the dishes are cleaned and put away, and the conversation is engaging. Enter wise guy, stage left. We all know who he is; the friend/relative/neighbor/co-worker who knows it all.