PRLog - March 7, 2014 - SARATOGA SPRINGS, N.Y. -- Saratoga Springs, NY – March 7, 2014 – Bill Losey, Retirement Intelligence publisherand Retirement Advisor, recently published an article about deciding when one should apply for Social Security. The article found on his website http://www.BillLosey.com (http://www.BillLosey.com)
Bill Losey, www.BillLosey.com
Bill writes, “When it comes to the question of Social Security income, the choice looms large. Should you apply now to get earlier payments? Or wait for a few years to get larger checks?”
Throughout the article Bill takes a hypothetical baby boomer through six common scenarios:
1. Consider what you know (and don’t know)
2. When are you eligible to receive full benefits?
3. How much smaller will your check be if you apply at 62?
4. Remember the earnings limit
5. How does the SSA define “income”?
6. Some fine print worth noticing.
On how much smaller your check will be if you apply at 62, Bill writes, “The answer varies. As an example, let’s take someone born in 1952. For this baby boomer, the full retirement age is 66. If that baby boomer decides to retire in 2014 at 62, his/her monthly Social Security benefit will be reduced 25%. That boomer’s spouse would see a 30% reduction in monthly benefits.”
Should that boomer elect to work past full retirement age, his/her benefit checks will increase by 8% for every additional full year spent in the workforce. (To be precise, his/her benefits will increase by .67% for every month worked past full retirement age.) So it really may pay to work longer,” he continues.
Read the entire article athttp://www.billlosey.com/
Other recent articles written by Bill Losey include “Asset Location & Timing to Reduce Taxes in Retirement,”
Bill Losey is a nationally known and respected retirement planning advisor, specializing in 401k rollover advice (http://www.BillLosey.com)
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Bill is also a contributing author for MarketWatch Retirement – a section of MarketWatch.com launched by The Wall Street Journal Digital Network. Featuring news, advice and analysis targeted towards people saving for retirement, those who should be, and those already retired, this section brings together the expertise of MarketWatch’
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AboutBill Losey, CFP®, CSA
America’s Retirement Strategist®
Bill Losey, CFP®, caters to women and couples (age 50-80) who seek to reduce post-retirement risk and generate a predictable, sustainable, increasing stream of retirement income they won’t outlive. As a qualified professional in the areas of retirement strategies, personal finance and investment management, Bill has been seen and heard on hundreds of TV and radio stations such as FOX News, NPR, CBS News, CNBC, Business Week, TIME, AARP, U.S. News & World Report, and Oprah & Friends.
Bill has over 20 years experience in the financial services industry and is a Certified Financial Planner™ practitioner and Certified Retirement Coach. He is the owner of Bill Losey Retirement Solutions, LLC, a fee-based registered investment advisory firm serving a small nationwide clientele. Bill is the author of Retire in a Weekend! The Baby Boomer’s Guide to Making Work Optional (http://www.retireinaweekend.com/)
In his leisure time, Billy, as his friends call him, loves to sing. He is an accomplished vocalist and has performed the National Anthem at Madison Square Garden, the Pepsi Arena, and other sporting venues. Currently Bill is the lead singer of a vocal duo called The New York Lounge Lizards (http://www.billlosey.com/
Learn more at www.BillLosey.com (http://www.billlosey.com/)