Waiting to start Social Security has a key advantage: the longer you delay, the higher your Social Security paycheck will be over time.
But there are cases when it could make sense not to delay, contrary to popular opinion. Let’s explore this topic, and a few scenarios where it makes sense to start Social Security as early as possible–or at least not waiting until your full retirement age.
The Wyoming Retirement System (WRS) pension is an impressive retirement plan, offering guaranteed income to thousands of Wyoming employees across hundreds of employers.
Among its many features, a cost of living adjustment, or COLA, is available at varying amounts. This feature helps your benefit keep pace with inflation, but it reduces your payment initially. When does opting for COLA make sense, at what levels, and what is the financial impact?
As the year comes to a close, lots of opportunities exist for families to make final decisions that can affect their finances and their taxes. These include Traditional or Roth IRA contributions, HSA contributions, year-end expenses for farmers, ranchers, and business owners, just to name a few.
Another lesser known year-end strategy is something called tax loss harvesting. This strategy helps investors take advantage of investment losses they may have experienced, but still keep their funds invested for the long-term.
The financial shock of soaring inflation in 2022 caught everyone off guard. Within a matter of months, the price of rent, fuel, and countless consumer goods went through the roof. Having been in a period of relatively low, calm inflation for decades led us not to worry about this financial expense, until things went really wrong.
While inflation is now trending downward, inflation is historically always present, and there’s still a threat that unusually high inflation can rear its ugly head once again, especially given that most retirees expect to live another 20 to 30 years once they leave the workforce.