Your Retirement Questions, Answered
At Johnson Brunetti, our valued listeners and viewers frequently reach out seeking guidance on a variety of retirement planning needs. Today, financial advisor David Shapiro joins Better Money Boston with WCVB Channel 5 to address some of these thought-provoking questions with valuable retirement insights.
When Should I Consider a Trust?
Our first inquiry is from Dave, who ponders an important question, especially for couples who are considering placing assets in a trust and are unsure what kind of trust is best. Often, once you start to accumulate significant assets or get closer to retirement, it’s time to consider establishing a trust. There are different types of trusts for different objectives. For example, an irrevocable trust can protect your assets from potential nursing home costs. When set up properly, a trust can offer several advantages, including privacy and control over your assets and the ability to avoid probate and possibly some taxes and fees.
Can I Collect Social Security While Still Working?
Andrea wonders, once she reaches her full retirement age of 66, will she be able to collect Social Security while still working a full-time job. The good news for Andrea and anyone who is at full retirement age, which is 67 for those born in 1960 or later, is that you are free to collect your benefits at the same time you are working and receiving income. Even better news is that there will be no penalties on the amount you receive, no matter how much you earn. It’s important to remember however, one person’s claiming strategy may not reflect someone else’s unique vision of retirement. Consulting with a financial advisor can help you devise a claiming strategy that makes sense for your situation.
After Doing a 401(k) Rollover, Can I Start a New 401(k)?
Charles, who is changing jobs and rolling over his 401(k) into an IRA, asks whether he can start a new 401(k) with his new company. First, transferring your old 401(k)s into an IRA can be a great decision that offers more investment flexibility and control. When it comes to starting a new job, putting money into a new 401(k) plan can be a tax-efficient way to continue accumulating savings for your retirement. In addition, your employer may offer a match, which is equivalent to free money that can grow tax advantaged alongside your own contributions.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
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Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
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