Alternative Uses of Social Security Income

John Boardman

Atheneum

Key Takeaways:   Many unique situations could justify taking Social Security earlier. The psychological benefits of a new income stream can relieve anxiety around a new planning strategy. To take Social Security before age 70, the financial and non-financial benefits of claiming Social Security early should outweigh the benefits of deferral.     If you … Continued

Student Loan Forgiveness Best Practices

Frank Yozwiak

Uncategorized

Key Takeaways: Federal student debt cancellation up to $10,000 ($20,000 for Pell grant recipients) Cancellation limited by income ($125,000 single, $250,000 for married couples) Limited PSLF Waiver ends October 31, 2022; review your eligibility     This past Wednesday, the President announced a student debt cancellation plan. Unfortunately for borrowers hopeful to log in to their … Continued

August 2022 Market Update

Ballast

Weekly Update

Listen as John Boardman (Founder and CEO) and Andy Reynolds (COO and Partner) and Cameron Hamilton (Director of Financial Planning and Partner) discuss the current economic environment and share the conversations they’ve been having with clients. Additionally, they consider a few common questions and share our thoughts on the market, inflation, consumer confidence, the word recession, and economic outlook.     If you have … Continued

Most Couples Shouldn’t BOTH Delay Social Security

Cameron Hamilton

Atheneum

Key Takeaways: Two-income households have more complex Social Security timing decisions The higher-earning spouse generally benefits from delaying payments The lower-earning spouse generally benefits from starting payments early We’ve written a previous breakdown on the Social Security timing decision.  Briefly, between ages 62-70, if you delay taking income, your monthly benefit grows.  We discussed that … Continued

Putting a Value on Your Social Security Benefits

Brian Burton

Atheneum

Key Takeaways: Most retirees don’t think of Social Security as an asset and therefore exclude it from their balance sheet. The present value of Social Security payments over an average life expectancy can easily be several hundred thousand dollars. We can’t predict what will happen with Social Security down the road, so it is important … Continued

Takeaways From a Week at the Chicago Booth School of Business

Cameron Hamilton

Weekly Update

As all the children in our community are getting ready to go back to school, I am reflecting on my week back in the classroom this summer. I was lucky enough to spend time at the Chicago Booth School of Business learning from the country’s leading practitioners in estate and tax planning. Earlier this year, I set … Continued

Social Security: Whether to Wait to Start Taking Retirement Benefits

Frank Yozwiak

Atheneum

Key Takeaways: You could be facing up to a 30% reduction in your PIA by taking Social Security retirement benefits at age 62. By waiting until age 70, your retirement benefits will be roughly 32% higher than your PIA. The breakeven for taking Social Security retirement benefits at age 70 compared to age 66 is … Continued

Social Security Income: Not-So-Simple Basics

Andy Reynolds

Atheneum

  When I first started writing this article, my introductory sentence was “Social Security on the surface is a very simple concept.” However, as I began to write about all of the “simple” information, I have to conclude that Social Security is not very simple at all if you are not continually dealing with it. Below, I … Continued

Educating Your Next Generation

John Boardman

Weekly Update

Key Takeaways: Our most successful planning relationships are those in which we work with our client’s other professional advisors – and their children and heirs as well. Involving heirs in your financial and estate planning makes the next generation’s estate administration job much easier. You do not have to tell them every detail, but at … Continued