Are they worthwhile alternatives to traditional LTC policies? The price of long-term care insurance has really gone up. If you are a baby boomer and you have kept your eye on it for a few years, chances are you have noticed this. Last year, the American Association for Long-Term Care Insurance (AALTCI) noted that a 60-year-old couple would pay an average of $3,490 a year in premiums for a standalone LTC policy.
[+] Full Article Retirement Planning Weak Spots - 06/01/18
They are all too common.
Many households think they are planning carefully for retirement. In many cases, they are not. Weak spots in their retirement planning and saving may go unnoticed.
[+] Full Article
At What Age Will You Receive Benefits?
March 29, 2016
GCSB Investment Center successfully completed its 2nd Annual Social Security workshop locally at Panora’s Lake Panorama National Conference Center. Establishing your Social Security plan is one of the most important decisions you will make for your retirement years.
This is our second article in this series to get you thinking more about Social Security. GCSB Investment Center is going above and beyond to help educate the community with the resources needed to make informed decisions. Social Security was never intended to be the only retirement income you receive. However, it should be set up in such a way that it is maximized for the benefit to you and the life of your spouse, if married.
Our first lesson was to stress the importance of connecting with a financial advisor and begin discussing your plans for retirement income. The second lesson we will dive into here is that your age and decision to receive your Social Security benefits impact the level of benefit received.
If you are age 62 or older, you may be grandfathered into some of the claiming options if you file before April 30, 2016. President Obama signed Bi-Partisan Budget Act of 2015 into law in early November 2015. This new law is changing possible claiming options you have as you consider how and when to file for your Social Security benefits. The deadline to be able to utilize these strategies is fast approaching so become informed now so you meet the April 30, 2016 deadline.
Knowing the rules for Social Security and recent changes can make your decision complex if you try to do it all on your own. When you are working with an experienced financial advisor they can help you better understand some of these Full Retirement Age rules:
- Permanent reduction of 25-30% of your benefits can happen when you file as early as possible at age 62.
- As you get closer to Full Retirement Age, your benefits reduction will be decreased
- Delaying the receipt of your benefits as late as possible, up to age 70, can increase your monthly benefit by 24-32%.
It is up to you to get educated and make an informed decision. Social Security is a choice of a lifetime because you only get one chance to make the best decision to support you and your living spouse, if married.
Connect with Kristen at GCSB Investment Center today to learn more!