The oldest Boomers (age 62) may be eligible to take Social Security benefits, but it’s almost never a good idea to do so. Most Americans will come out ahead by waiting to take the benefit as long as they can. From an actuarial perspective, increased longevity and incentives baked into the system encouraging delayed benefits [...] [read full article…]
The Social Security Administration plans to streamline the online application for benefits this fall. Just ran across this item last month in The Wall Street Journal describing the changes: Currently, first-time applicants spend about 45 minutes online, followed by a visit to a local Social Security office. The visit, in most cases, isn’t required — [...] [read full article…]
Q: I enjoyed your recent column on Roth IRAs. I’m looking into converting my 401(k) to a Roth in 2010 (when rules on adjusted gross income for Roth contributions will be eliminated). I am 66. Does the 5-year waiting period for withdrawing funds apply? – F.G., Palm Coast, FL A: If you want to shift [...] [read full article…]
My recent column on long term care prompted an impassioned response from a reader who became caught in an insurance nightmare after she and her husband purchased a policy some years ago when long term care insurance was a far less mature market than it is today. The couple’s carrier turned over several times and [...] [read full article…]
The federal government is rolling out a major campaign to expand delivery of federal benefits via debit cards. It’s an effort to help recipients of Social Security and Supplemental Security Income who don’t have bank accounts and hence don’t benefit from the convenience of electronic fund transfer. Nationally, about 4 million benefit recipients still receive [...] [read full article…]
