Fleishel Financial News
Many of our clients are asking questions about when is the optimal time to take social security payments. If you’re eligible, the earliest you can start is age 62 and some are choosing to wait until later for higher benefits. According to the Social Security Administration (SSA), approximately 74% of Americans elect to receive their Social Security benefits early. If you begin collecting retirement benefits at age 62, each monthly benefit check will be 25% to 30% less than it would be at full retirement age. The exact amount of the reduction will depend on the year you were born. (Conversely, you can get a higher payout by delaying retirement past your full retirement age--the government increases your payout every month that you delay retirement, up to age 70.)
It's hard to believe there are still not any significant primary education curriculum on financial management for kids and young adults to learn how to manage their money. Helping your kids or grand kids grow to make wise choices with money has its challenges but a few intentional steps can get them on the path to financial freedom. A great start is allowing children the opportunity to earn an allowance can go a long way to begin educating them how to save money and budget for the things they want. While children may want to spend their entire allowance now, encourage them to “bucket” their earnings. We set aside three caches for our kid’s allowance which include Giving, Saving and Spending.
Fleishel Financial Associates is an Independent Registered Investment Advisor.
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