Daily Retirement News Update
January 19, 2020
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Have You Heard About This Latest Social Security Scam? In addition to the standard phone scam in which a criminal pretends to be from the Social Security Administration, now thieves are faking documents with SSA letterhead and emailing them to beneficiaries. These emails often include threats. Find out more here.
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Want to Slow the Aging Process? Not too keen on the whole aging thing and would like to slow it down? A new Brigham Young University study says that drinking low fat milk, either nonfat or 1%, slows the aging process. People who do not drink cow milk age the fastest. Don't believe it? See it here.
Ready for Low Maintenance, High Amenity High Rise Living? Senior living options are evolving as more baby boomers retire. The typical 55+ single family home or condominium community is still popular, but retirees are also opting for high rise living in urban areas, especially since these days nearly anything can be delivered to your door. See how high rise lifestyle is working in Dallas. Read about it here.
How Will Your Mortgage Affect Your Retirement? If you currently have a mortgage, will it be paid off by retirement time? If so, are you prepared to continue paying taxes and insurance or an HOA fee? What about refinancing to lower your payment? Will a bank approve you if you will no longer have a salary? What about a reverse mortgage? Is that a good idea? Find out more here.
Previous Updates
How Does Your 401(k) Balance Compare to the Average? To ensure a comfortable retirement, employees should be contributing about 16% of their income, including an employer match, to their retirement fund account. In reality, employees contribute about 8% to their retirement fund vehicle, typically a 401(k). So how does your 401(k) balance compare to the average?
How Can You Increase Your Social Security Check? Nearly 65% of retirees rely on Social Security for the bulk of their income after they stop working. It's therefore important to make sure that your benefit check is as large as it can be. How do you do that? Are You Ready for These Three Expensive Potential Retirement Situations? You might have a financial retirement plan in place, confident that you have everything covered for the day you stop working. But as they say, men (and women) plan, and the universe laughs. What are three expensive potential events that you might not have thought of that could throw your retirement off course? Want to Claim Social Security Benefits at Age 62? It is a fact that most retirees claim their Social Security benefits at age 62, either because they need the extra cash or do not think that Social Security will last and it is better to get what they can while they can. Yet nearly 40% of people who claimed at 62 wish they had waited. Why? How to Establish a Retirement "Paycheck" Just because you are retired does not mean that your expenses end. In fact, on a monthly basis, most retirees will spend at least 80% of what they spent when they were working. People who travel or have expensive hobbies often spend more. So how do you create a reliable "retirement paycheck?" Watch Out for Scam Social Security Robo Calls It is no secret that robo calls are out of control, with some people receiving dozens a day. These automated calls want to sell you things you don't need, or worse, steal information from you. Now we find out that, according to the FTC, the Social Security Administration is the government agency most targeted by robo call scam artists. These criminals are out to get your Social Security number and try to scare you into giving it to them. How do you protect yourself?
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