Financial Planning Archives

Should You Claim Social Security Early Due to Financial Hardship?

BML Wealth Marketing2020-05-31T23:51:40-07:00April 12, 2020|Financial Planning, Social Security|

If your financial or employment situation has changed due to coronavirus, you may be rethinking your Social Security claiming strategy. While you can claim Social Security benefits as early as age 62, you will receive a permanently smaller benefit. If you wait to claim past your full retirement age, your benefit will increase by 6 - 8% per year you defer until age 70. This can make balancing immediate needs with long-term financial well-being difficult. There are so many ways to claim Social Security and what strategy is best depends on your unique financial situation, [...]

4 Reasons to Plan for Long-Term Care Costs

There’s a 70% Chance You’ll Need Long-Term Care We can all celebrate an increasing life expectancy as we look forward to our golden years. In 1950 the life expectancy for American men was 65.6, and 71 for American women.[1] Now it’s 76.3 for men and 81.4 for women. Of course, many people live to be older than that. In fact, the Census Bureau estimates that by 2050, Americans 90 and older will make up 10% of the population.[2] A longer life is a blessing, and it also means a higher likelihood of needing long-term care: According [...]