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Why Taking Social Security Early Could Cost You More than a few bucks

Some people say that one of the biggest decisions a retiree can make is deciding on when is the right time to draw social security.  In my opinion, this is in fact, the most important decision you would make going into retirement.  In my podcast entitled “The Shift” from Accumulation to Distribution , I mentioned that the decision should be planned out well in advance because the stakes are higher once you go into the distribution phase. I want to give you a few reasons why getting it wrong could cost you more than you think.  One reason why you need to absolutely get it right is because if you take it to early, then you miss out on one important benefit, Medicare as it is not available until age 65. So if you retire at age 61, where will your medical insurance come from?  Trying go it alone with private insurance for 4 years can get quite expensive.  Another reason you might not want to take social security to early is that you can leave a lot of money on the table.   Take the
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Fred came to us for his retirement wants and wishes. Could we pull it off?

The #1 Reason Why We Can't Retire

Why I Popped The Retirement Question

I was creating a retirement plan for a client by the name of Ms. Smith the other day, and I popped the question to her. She said, well, I don't know. It depends on how I feel at that time. I said what do you mean how do you feel at that time, better yet how do you feel about it today. She said I feel pretty good about it today. I said I have been married for 23 years and have never proposed this question to my wife. She said you should; she would probably feel the same way I do about it. The question I had popped to Ms. Smith was, "If we could go back to November 2007, the "Great Recession" and her entire retirement portfolio was cut in half by 50% would she stick it out?" She said mainly she was in a different place financially and mentally at the time verse where she is now. I told her I get it, and she should be in two different areas in her life versus back then, but preparing retirement plans, I have to ask that question. Not because it's on my q

One Retirement Myth To Be Aware Of Today

I love talking retirement and rightfully so, as I have been working with clients and their portfolios for nearly 20 years. One thing that was hard for me to understand as a young life insurance agent was why I had to know everything about a client before I started writing their life policy. My manager would always tell me that you have to do confidential questionnaires. My thought as a young agent was why when they wanted insurance, and I want to sell it to them. This type of approach was a win-win for me trying to get a commission. As a veteran in the business for more than 35 years at the time, he said you young kids just do not get it. How do you go into a doctor and tell them your elbow hurt because you bruised it, and they give you some cream and send you on your way, only to discover that you have a fractured bone chip? Now that I am older and around the same age, he was when he started sharing his sage wisdom with me, I truly understand what he was talking about now that I am ol

What We Did in Response to the TD Ameritrade Announcement With Charles Schwab

As we look at recent developments in the news concerning the buy-out of TD Ameritrade by Charles Schwab. Sure, TD Ameritrade was paid a 17% premium for their outstanding shares, and Charles Schwab receives more assets under management to compete in an industry that has had more changes than a one-month-old newborn baby. If I were a betting man, I would say that there would be more consolidation in that space here in the next year or two. The client or customer is always left holding the bag in mergers and acquisitions, because when they sign up with companies that are who they have decided to partner with for the long term. We decided to launch retirementplansareus.com because the client still needs a place to go to get an unbiased direction concerning their retirement plan. Even though we have been planning retirement plans and retirement exits for nearly 20 years it was important to create a dedicated site to service clients looking for only a retirement plan. I had one state work

Why My Retirement Social Media Status-Is Complicated

Why My Retirement Social Media Status-Is Complicated I remember when someone told me I should start a blog; my answer was I really do not have time.  I told them that there were enough bloggers out there, and I think most of them do a good job.   Their response to me was you are different.  When it comes to explaining stuff, you precisely say definitely what the problem is, and everyone exactly gets it.  I said thank you, and still never gave starting a blog another thought.  As I sat down with more clients, I started to realize that there is too much information available.   Nevertheless, the more information available the more overwhelming for the average retiree becomes.   I think retirement and retirement planning can be very tough to understand as it is, but add something like the open letter that was written to our current Vice President, Mr. Mike Pence, from the board of trustees of the social security administration and now you are at another level of complexity.  The

The Number 1 Reason Why I Hate Your 401k Part II

The Number 1 Reason Why I Hate Your 401K Part II I remember sitting in a classroom about 17 years ago, and the instructor passed around a magazine for us to look at.  On the cover was a person by the name of Ted Benna, and if you research or look him up you will see that he is called “The God Father of the 401k” or something of that nature.  I wanted to add some context to the readers who are yet to listen to Part I of the Reason Why I Hate Your 401K, which is available as a podcast here , and I recommend as an introduction to this Part II blog.  In celebration of our 10th podcast for “The Retirement Exit”, I decided that this subject was too complex to share on my podcast so this blog is Part II.  Part I (podcast) will share two other important reasons, but Part II (blog) is the biggest reason why I hate your 401k. I share in that podcast why I hate your 401k, and why I no longer hate my retirement plan.  This blog will take into account that my listeners have heard the podcast