Month: May 2019

When Is The Best Time To Collect Social Security?

Lately in the news and personally I have heard the questions, “When is the best time to collect Social Security?”  “How can I maximize the amount I can receive?”  “Will I get penalized if I collect or withdraw on it too early?”  Now, while there may not be an exact answer for everyone, since everyones situation is different, there sure are procedures you can follow that will help guide you to receiving the highest return that will also fit your needs.  Let’s take a look on how Social Security works first.

The basics of social security

Most people are eligible to start collecting at the age of 62.  But if you wait until your Full Retirement Age, which according to the Social Security Administration is 66, you will receive a much larger benefit.  Keep in mind that while 66 is your Full Retirement Age, you are able to wait until age 70 to collect.  I know that may sound confusing but in general your benefits continue to increase until age 70.  Then, the SSA requires you to start collecting.  In other words, collecting early provides a smaller payment over a longer period of time.  Collecting later will provide a larger payment over a shorter period of time.  Understanding the numbers behind collecting at certain ages is where you can really benefit from.

how the numbers work

A study conducted by Stanford University has identified a few conditions that conclude delaying to collect is the best when:

  • Interest Rates Are Low
  • Married Couples v Single Persons
  • Single Women v Single Men
  • Multiple Earning Couples

Currently interest rates are still at all time lows.  The reason why this makes it more beneficial to delay is because you will not be able to gain much, if any, from saving your collection yourself.  If interest rates were high it would be assumed that you could invest your collections and that interest would outnumber the benefits of waiting.  Married couples have the ability to collect ones earnings early to live off of and delay the others.  This helps if income is needed currently to help with living expenses.  Lastly, the benefit of being a single woman and delaying to collect is strictly based of the statistics that women have the tendency to outlive men.

What is your life expectancy?

According to the Social Security Administration, the typical 65-year-old today will live to age 83, one in four will live to age 90, and one in ten will live to 95.  While there are many other factors that influence this statistic to go in either direction, this is a baseline for you to determine where you may stand.  Below is a chart with an analysis that breaks down exactly where you stand with benefits as it relates to your age.  Meaning, if you delay to collect how long it takes for your benefits to start to increase your overall compensation.

social security benefits list

As you can see by the chart, delaying to collect can result in a large benefit increase.  While I am not a financial advisor nor a government official who works for the Social Security Administration, I do suggest that everyone take time to thoroughly discuss and go over your options with a licensed financial advisor.  This article is based off of statistics and research.

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Seniors : How To Fight Allergies This Season

A survival guide to help combat allergies and aging

This spring so far has been definitely different than previous years.  The amount of rain that has fallen nationwide has increased by 37% from 2018.  You may think the rain will help pollen from becoming airborne and affecting us.  However, the plants and trees actually stop releasing pollen during downpours only to ramp up the release once the rain has stopped.  This has caused allergies to be much worse than seasons before.  An unfortunately, we know that allergies will affect babies and seniors much worse than adults.  Her are a few tips to help withstand the effects of allergies.

Last year i did not have allergies

First off, lets talk about the scenario of this being your first year with allergies.  As we age our bodies change.  What affected us previously may not affect us anymore and vice versa.  But, there are a few things that may cause allergies to flair up.

Medications – Certain prescriptions can exacerbate allergy symptoms in the elderly. For example, beta-blockers can worsen nasal stuffiness.

Diet – Some of our loved ones may be on a strict diet to help with cholesterol or high blood pressure.  The foods that we eat may trigger allergies to flair up or worsen.  Here is an article written by Everyday Health on the affects of food and allergies.

How to keep allergies at bay

While we all would love to make our allergies go away, that is not always possible.  But, there are instances that we can help the runny nose and itchy eyes.  First, let’s discuss the use of medication with seniors.  Allergy medications are what is known as anti-histamines.  A number of antihistamines that are often used to minimize the effects of allergies are not recommended for many seniors because they can increase blood pressure. Not only that, antihistamines can interact with other medications that you may be on, causing severe side effects such as dizziness, confusion, or drowsiness.  Please consult with your doctor or physician before use of any medication.  Here are some other ways that will help you with your allergies.

  • If you need fresh air, open your windows slightly when it is raining.  I know this may sound odd, but that is when pollen is at it’s lowest count.
  • Avoid going places outdoors when the grass in the area has been cut recently.  Mowing the lawn stirs up pollen that can remain airborne for 24 hours.
  • I know some of us still use the clothes line to dry clothes.  Keep your laundry indoors for the next few weeks, until the pollen subsides.
  • Avoid people who have colds.  This is a big one.  You may not feel sick but your body can be fighting off a cold.  When this happens your immune system is less resistant towards allergies and they will be worse during this time.
  • Change ALL air filters in the house.  Many of us think to change your air conditioning filter.  However, at night time your furnace is probably still running.  It did get down to 48 degrees last night.  Change your furnace air filter as well.

Any questions with senior living or how to help with the changing seasons feel free to reach out at anytime to

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