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Q&A: "When Does it Make Most Sense for Me to Start Collecting Social Security?"

Question and background: When does it make most sense for me to start collecting social security? I will be 62 in October 2014. I stopped working 1/1/2014 and wondered if I should apply for SS retirement benefits at 62 or wait until 66. If I receive benefits at 62 I will receive $1,004 per month. If I wait until I am 66 I would receive $1,331 per month. My net worth including house, car, investments etc. is $1,400,000. Thank you.

Social Security

Q&A: "I'm Recently Retired and Thinking About Cashing in a Portion of my Retirement Savings to Pay Off Credit Card Debt. Is this a Good Idea?"

Question and background: I'm recently retired and thinking about cashing in a portion of my retirement savings to pay off credit card debt. Is this a good idea? I am 63 and was laid off last year. I decided to take early retirement instead of finding another job. I have accrued approx. $304,000 for retirement made up of 401ks, a block of stock from previous employer, and a tiny pension. The only thing I owe is on a credit card - $19,000. In a few days I will receive $1,700 per month, before taxes, of SS. FYI -- support system is a husband who is retired getting $2,500 a month of various income and about $16,000 credit debt of his own. Other than living expenses, we owe nothing else. Q: My block of stock is worth about the same amount as my credit card debt of $19,000. Would it be advisable to sell the stock to pay off my credit card debt? My pension amount is also about the same amount.

Retirement Accounts Social Security Tax

Q&A: "I'm About to Turn 65 and Have $400K in an IRA, Plus a Couple of Pensions and Social Security. How Much Can I Draw Down on the IRA to Last Until I Am 90?"

Question and background: I'm just about to turn 65 and have not worked for just over two years. I have about $400K in an IRA in addition to a couple of pensions and social security. How much can I draw down on the IRA to last until I am 90? I am drawing from two different pensions of $800 and $2000 per month. I am about to start taking Social Security of about $2300 gross. My wife is still working and will be for another year. She earns $12-20K per year. Is 90 a bit optimistic? Yes, but family history says plan on it.

Retirement Accounts Retirement Income Social Security Tax

Spousal Social Security Benefits in Cases of Divorce

As we continue a series of posts on little known aspects of social security, I had planned to write about the implications of divorce on spousal benefits. But Mary Beth Franklin, contributing editor to InvestmentNews, covered the topic well in an article today and included a few quotes from me: Duration of Marriage and Divorce Affect Social Security Benefits

Social Security