My birthday is this Sunday, and my girlfriend has been asking me what I want to do to celebrate. Should we go to a fancy restaurant? Find a really cool activity or experience to enjoy? All on her dime, of course 🙂 I don’t know about you, but I like a good deal. Even when someone else is paying. That in mind, I did some searching this morning and found a great deal. Benihana (the Japanese restaurant) offers a $30 coupon…
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Social Security and Taxes
To the surprise of a number of people that I’ve worked with and talked to, yes, there is a chance that your Social Security Benefits will be taxed. Currently, about 40% of people who get benefits pay income taxes on them. I know what you may be thinking: I’ve paid Social Security Taxes all throughout my earning years, and now you’re telling me that I could be taxed on it again? Yup, that’s exactly what I’m saying. It’s kind of…
3 Common Social Security Mistakes to Avoid
Social Security is a really big decision that is going to affect you for the rest of your life. But, like all government programs, it is complex, making it easy to make mistakes that keep you from getting your full benefits. Knowing the most common mistakes people make can help you get the most out of your Social Security benefits. If you’re starting to think about your retirement, here’s what you need to know about Social Security benefits and how…
Betting On Yourself
Did you catch the guy running on the field of the Super Bowl? Near the end of the boring blowout of a game, some bozo ran into the middle of the field to get his 10 seconds of fame. At first I didn’t think much of it, but my friends Jeff + Pete later told me that there was more to the story. Apparently, the guy had bet money that someone would run on the field during the game, and he stood to make…
Spousal, Widow, and Divorcee Benefits
When it comes to Social Security benefits, your marital status can make a big difference. If you are single and have never married, frankly, you have the easiest path to picking your Social Security benefits. Why? Well, you just don’t have as many options! Once you get married, divorced, or widowed, you will have a couple more options to consider. Even if you have not worked yourself, if you are married, divorced, or widowed, you may be eligible to collect…
Playing the Long Game by delaying your social security benefits
As we detailed in the last blog (Understanding Your Social Security Options), although you can start receiving your Social Security benefits at age 62, it really pays to wait. The longer you wait to take your benefits (between the ages of 62 and 70), the higher your monthly benefits are than if you took your Social Security early. So, what if I wait? To put this into perspective, here’s an example of what those different benefit amounts would look like…
Understanding Your Social Security Options
For many Americans, Social Security is an extremely valuable tool in generating the retirement income that they need to be comfortable. Because of its importance, I strongly recommend exploring all of your options before you make a decision on when to claim it. The most common age that people take their Social Security benefits is age 62, right when they are first eligible. Now this may be because they simply need the income, and I certainly understand that. However, there…
My Awful Morning
I have been spending this month in Prescott AZ, about an hour and a half north of Phoenix. Even though it’s close to hot and dry Phoenix, they get all four seasons here – including a huge snow storm the last couple days. At first I was excited for the change of pace, but then reality hit me: I was born and raised in sunny California and have no idea how to drive a car in snow. It wasn’t a…
I’m Not Making This Mistake Again
A couple weeks ago the girlfriend and I took a little vacation to Vegas to see the city and take a break from everything. One day we went to the Mob Museum and saw some of the gangsters that were later made famous by Martin Scorsese in Casino and Goodfellas (I highly recommend watching both). After that we were looking for something for dinner, and I made a big mistake: I let her have full control over the restaurant selection….
How Much Will Medicare Cost?
Healthcare is a major expense in retirement and while Medicare is a federally run program (via payroll taxes), it is not free. Before you head into retirement, it’s important to understand how much it’ll cost you. According to the most recent studies by Fidelity, after age 65, you can expect to spend approximately $5,000 per person for your medical expenses. In today’s episode, I want to break down some of those costs. Because Medicare is a multi-part system, the easiest…