How the Social Security Earnings Test Can Work Against You

By |2021-06-07T11:42:09-04:00June 7th, 2021|Financial Planning, Retirement|

The checklist when preparing for retirement is a long one. But you need to be aware of one item in particular if you intended to start taking Social Security before your Full Retirement Age (FRA) and continue working—the Social Security Earnings Test. It can suck Social Security dollars out of the pockets of unsuspecting retirees. To paraphrase a familiar old [...]

Taking Medicare For A Test Drive

By |2021-06-02T08:24:57-04:00June 2nd, 2021|Financial Planning, Retirement|

If your childhood was like most, when you made mistakes or something went wrong, you really wanted a do-over—another shot at making the right decision? You’re not a kid anymore, but it’s nice to know there’s still an opportunity for a do-over—a Medicare test drive. When you’re eligible to sign up for Medicare, if you choose a Medicare Advantage plan, [...]

Powers of Attorney: 101

By |2021-05-24T09:42:33-04:00May 24th, 2021|Financial Planning|

The Power of Attorney (POA) is one of the undisputed kings of planning documents. You appoint someone as your agent and give them authority to act on your behalf if you can’t—authority to pay bills, manage assets, make medical decisions, etc. If your physical or mental capabilities decline to the point you can’t make decisions or care for yourself and [...]

Intricacies of Social Security Survivor Benefits

By |2021-05-13T10:51:27-04:00May 13th, 2021|Financial Planning, Retirement|

One of the advantages of the Social Security system is the Survivor Benefit. Of the 65 million people receiving Social Security, approximately 6 million receive the Survivor Benefit because they are the widow, widower, surviving ex-spouse, minor children, or permanently disabled adult children of a deceased worker. The amount received is based on the deceased worker’s earnings history.   Switching [...]

Alhambra’s Social Security Guide

By |2021-05-10T09:49:03-04:00May 10th, 2021|Financial Planning, Retirement|

Since its beginning in 1935, Social Security has become synonymous with retirement income. But as with any government program, Social Security is a behemoth with a lengthy list of rules and hidden intricacies that can make a huge difference in the amount you receive. Collectively, Americans lose trillions of Social Security dollars because they don’t understand the system. It’s not [...]

Guarding Against the Survivor Trap

By |2021-05-03T09:24:48-04:00May 3rd, 2021|Estate Planning, Financial Planning|

It’s called the survivor trap or widow’s penalty. It’s a financial monster that eats away retirement income after one spouse dies, often leaving the surviving spouse with no hope of the retirement they expected. Here are some of the pitfalls of the Survivor Trap.   Loss of Social Security One of the first things to happen when a spouse dies [...]

16 Medicare Mistakes that Can Cost You

By |2021-04-28T13:02:24-04:00April 28th, 2021|Financial Planning, Retirement|

There are not many advantages to getting old—hair thins, wrinkles show up at an accelerated rate and there’s a cornucopia of new aches and pains we’re introduced to. As crazy as it sounds, for many, one benefit to getting older is having access to Medicare. When Congress passed Obamacare in 2010, healthcare in the United States was thrown into turmoil. [...]

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