FINANCIaL
FIELd NOTES
The Science Behind a Happy Retirement
While most of what I write here is dollar and cents data, there is more to a happy retirement than “Can I afford to?” A second question that every pre-retiree should ask themselves is “What will I do with my time and will it be fulfilling?”
I often encourage clients to take an extended leave of absence from work when they are a year or less away from retirement. I think trying out what you think you’ll do next and seeing how it goes is well worth the cost of losing some leave…
Are You On Track For Retirement – A Quick Checkpoint
How much do you need to retire? The answer varies by individual circumstance but simple rules can be helpful as a starting place. JPMorgan provides a rough estimate based on your age and income level…
Should You Take Social Security At 62 And Invest It?
When to take Social Security is one of the biggest financial decisions retirees make. For some individuals, there is no choice – they need the income as soon as possible.
For those in a financial position to wait and get income from other sources, like investments, the decision can be more complex…
How to Appeal Higher Medicare Premiums
Social Security mails a letter in November that tells you if you are subject to higher premiums - otherwise known as “IRMAA” or Income-Related Monthly Adjustment Amount. The cost is based on your income from two years prior. For 2022, you would have received a letter in November 2021 telling you your premiums based on your 2020 income.
This is the extent of the information that Social Security uses to determine how much you will pay. They don’t know anything about what has changed since 2020 or why 2020 was possibly an abnormal year for you. Because of this, it is your job to appeal if you feel the premiums don’t accurately reflect your income…
U.S. Debt - Can We Fix A $30 Trillion Problem?
Since 2008, US debt as a percentage of GDP has ballooned from 40% to nearly 100% - the highest levels we have seen since the end of WWII when the US issued all those War Bonds.
While the debt levels in the country are a tremendous concern, there are two larger themes at play that give us some hope for the future…
Why Your Social Security Statement Is Probably Wrong
“These personalized estimates are based on your earnings to date and assume you continue to earn $XXX,XXX per year until you start your benefit.”
When you receive your Social Security estimate, it assumes you will work until you collect benefits, and that is not always the case…