Two Important Social Security Strategies Disappearing

Two ways to optimize Social Security benefits, known as “file and suspend” and “restricted application,” were eliminated for most pre-retirees by the Bipartisan Budget Act of 2015.

Breaking News-Changes to Social Security

October 2015

Several Social Security and Medicare issues have been making headlines this week. In an effort to help you understand the implications, we have summarized the changes below. These changes could impact your Social Security benefits if you or your spouse will reach your Full Retirement Age (FRA) of 66 in the next six months, if you have already reached your FRA but have not yet filed for benefits, or if you were born after 1954 and were planning to file a restricted application for spousal benefits.

Social Security Cost of Living Adjustment

Are You Ready for Health-Care Costs in Retirement

Are you prepared to cover the cost of retiree healthcare? Many Americans aren't. According to Fidelity Investments’ projections, a 65-year-old couple retiring now would require $220,000 in today’s dollars to cover their health-care needs in retirement. Because of the considerable cost, it’s important that Americans approaching the retirement milestone understand what their options are.

A Hidden Social Security Penalty

Nearly three out of four Americans start their Social Security retirement benefits at age 62. What many people don’t realize is that there is a hidden penalty for some retirees who can’t resist early-bird Social Security benefits. Younger Baby Boomers will have to absorb a greater financial hit for claiming benefits at age 62 than older retirees.