Jun 10, 2021
Today we’re answering your questions about all things retirement and financial planning. Let’s jump into it.
Jim retired last month and wants to do part-time work, but he heard this can mess up his Social Security. Is that true?
This is a common question we get. If you retire prior to your full retirement age and you get earned income, then for every $2 you earn above the income limit, $1 is withheld from your Social Security benefit. This year, the earned income limit is $18,960.
In the year that you reach your full retirement age, you’ll have $1 withheld for every $3 you earn above the limit, which is $50,520.
Cathy has been separated from her husband for three years. They still file a joint tax return. Should they keep the status quo instead of divorcing to save on taxes?
If you are getting along great and you can file joint taxes, there are some advantages to that. If you’re married filing jointly, you have twice the income limit before changing tax brackets.
Jean is going through a divorce and is worried about what retirement will look like. Can she overcome a divorce financially in her late 50s?
Losing out on two Social Security checks and losing half of your assets, that is a real blow. You need to see where you stand financially. Since this happens quite often, we see people who are able to pull it together. Maybe you can’t retire as early as you wanted, but where there’s a will there’s a way.
Check out the full episode or use the timestamps below to hear a specific segment.
1:46 – Part-time work
4:59 – Divorce and taxes
6:35 – Divorce and retirement
8:26 – If you can dream it
13:05 – Husband doesn’t want to plan
16:14 – Variable annuity
For more, visit us online at http://flemingfinancialservices.com