Review of 'Social Security Income Planning - The Baby Boomer's Guide to Maximize Your Retirement Benefits'
Learn How to Maximize Your Social Security!
How Much Do You Know About Social Security?
Every since I was a young woman, people predicted that Social Security would not be around when I reached my sixties. They were all wrong. Not only is Social Security still around, but today I am actually collecting it. In addition, while it is not my only source of retirement income, it is a significant source. I would not be enjoying my retirement nearly as much if it were not for my Social Security benefits.
Most people believe they know everything there is to know about Social Security. In addition, they believe that the employees of the Social Security Administration will help them decide the best way to collect their benefits. Those people are wrong on both counts.
In a recent study, only 20% of people were able to answer common questions about Social Security. Very few people realize that there are over 2700 different rules that affect your benefits. These rules can make your decision extremely complicated. At what age should the primary breadwinner in the family start collecting their benefits? Age 62 ... 66 ... 70 ... or somewhere in between those ages? At what age should their spouse, or former spouses, collect their benefits? Do you understand the benefit of file and suspend? Can a former spouse collect based on your work history? If they do, will it affect your benefits?
In addition, if you think the employees at the Social Security Administration will advise you on the best options, you are sorely mistaken. They are not allowed to advise people when they apply for their benefits. Recipients are on their own. To make matter worse, once you have begun to collect your Social Security benefits, you CANNOT go back and change your mind.
After reviewing several books on Social Security, this is the best and most current book on the subject that I could find. I highly recommend that everyone read it ... whether you are 10, 20 or 30 years away from retirement. In fact, every adult needs to understand their Social Security benefits because those decisions may affect the other investment choices they make along the way.
This book goes into depth about all the different strategies retirees will have. There are a number of factors to consider when you decide the best time to take your Social Security.
Follow This Retirement Blog, Too
No matter what book about Social Security you choose to read, the rules change frequently and your book may not be up-to-date. For example, at the beginning of 2016, several new rules will apply to retirement. The most significant of these will be the end of File and Suspend, a program that allowed some couples to boost the amount of Social Security they received.
If you want to make sure you are up-to-date, it is helpful to read online websites and blogs, since they can be updated more quickly than a book.
The Baby-Boomer-retirement blog covers most of the topics that are of interest to retirees ... from how to handle your retirement savings, how to sign up for Medicare, where to retire in the United States and overseas, family issues, medical concerns and more. It contains summaries of hundreds of other articles about retirement, by people who have been there.
You can follow the blog for free at:
In addition, you can use the link below to subscribe to it on your Kindle for .99 cents a month.
In either case, you will find a wealth of helpful information on a wide variety of topics that affect Baby Boomers and other retirees.
There are so many decisions you need to make when you retire ... where you will live, how your relationship to your spouse and adult children will change, health issues that could come up, retirement jobs to supplement your income, and so much more. You can either follow my retirement blog at www.baby-boomer-retirement.com or use this link to subscribe to it on your Kindle. Either way, I look forward to your questions and comments. There are already hundreds of helpful articles on this blog, with more being added every week.