Thrive Retirement Planning

05/03/2023

We broke down markets into a 5-minute read

04/26/2023

Here's what savvy investors should know

04/19/2023

Here's what you need to know

04/12/2023

Here's what savvy investors took away from Q1

03/20/2023

This 5-minute guide breaks down over 2,700 Social Security claiming rules

03/13/2023

Read this quick guide to identify the critical steps to maximizing your Social Security income.

03/06/2023

Access my free guide to break down critical Social Security decisions into a simple decision matrix.

02/28/2023

This 5-minute read breaks down Social Security claiming strategies at 62, 67, and 70.

10/13/2022

Each year in October, the Social Security Administration announces Cost of Living Adjustments (COLA) for the following year. COLA is linked to the Consumer Price Index (CPI-W), which measures the general average cost for a market basket of consumer goods and services. COLA intends to increase the income of those preparing for or already taking Social Security. COLA isn't a pay raise but rather an attempt to keep up with inflation and its effect on the cost of things like gasoline, bread, and green fees.

Last year, COLA increased by 5.9%, and in 2023 will increase by 8.7%, the highest increase since 1981!

Cost of Living Adjustment

07/05/2022

Reverse mortgages can be a financial tool to use during retirement in some situations. Technically, reverse mortgages are called Home Equity Conversion Mortgages or HECM by HUD, and have changed over the years, which has led to misinformation and some skepticism. My guest today is Alan Blood, a mortgage professional in Bountiful Utah, who has extensive experience with reverse mortgages, how today’s products work, and when they might be beneficial.

The stock market in 2022 has been volatile due to rampant inflation, Russia’s invasion of Ukraine, and the Federal Reserve’s first interest rate increase since 2018. Knowing how to structure a retirement plan that works in volatile markets is key to your success.

02/24/2021

The spousal benefit has two moving parts. One is your own benefit based on your own work history, which you can see on your own Social Security statement. To see this benefit amount I’d encourage you to set up an account at ssa.gov or look at the most recent statement you’ve received in the mail. This benefit can be permanently reduced if you take it early or permanently higher if you take it later. Note, that you would never want to wait until past age 70.

The second moving part of the total spousal benefit is the boost you’ll receive if your own PIA is less than 50% of the higher earner. In the previous example, Jane had her own benefit at full retirement age of $600 and then a spousal boost of $400. If, instead of waiting until full retirement age she claimed at 62 and the higher earner had already filed, she would have her own benefit of $600 permanently reduced by at least 25% to around $450 (this is just an estimate if full retirement age is at 66 and your reduction may be different). The spousal benefit would be reduced by 30% and instead of $400 only get about $280. So, by taking early her benefit would be around $730 per month.

As an additional note, if you take Social Security early, your benefit may be reduced due to the earning test, which I talk about in an earlier podcast.