This video provides some insight into Beacon Financial Strategies’ Retirement Feasibility Analysis service. This service is normally a planned portion of our Net Worth Management and Ongoing Financial Planning Retainer arrangements. It can also be a component of an Introductory Financial Planning engagement.
Let’s face it, seniors today are healthier, more active and are likely to have longer lives. So what are the financial implications for retirees who will likely live well into their 80s and possibly their 90s?
We believe that from a financial standpoint, retirees need to make financial planning decisions that reflect the high probability that they will live longer.
On the surface, it would seem that the decision to begin collecting Social Security retirement benefits is a straight-forward one – take the money as soon as possible. However, for many people, taking their Social Security retirement benefit as soon as they become eligible may not be the best alternative. (more…)
Social Security was originally intended to provide older Americans with continuing income after retirement. As people approach retirement, they generally have questions about Social Security and the benefit it provides.
One of the most important financial decisions people face with regard to retirement planning is when to start taking their Social Security retirement benefit. Making the most of this decision requires careful consideration of a number of variables including tax, cash flow and even elder care issues. The economic downturn has forced many families to consider taking Social Security earlier than expected. With that in mind, here are some ideas to consider, when making this important decision. (more…)
This article by Fortune magazine’s Allan Sloan gives an indication of some of the trouble facing the Social Security system. Consider the following statistics:
- Social Security currently accounts for half of the total income for 52% of married couples and 72% of singles over the age of 65
- Social Security currently accounts for 90% of the total income for 20% of couples and 41% of singles
Those numbers are staggering. When you think about the looming number of baby boomers who will be applying for benefits over the next several years, high unemployment rates (which mean reduced income into the Social Security system) and decimated investment portfolios, there is no doubt that Social Security needs an overhaul.