Every week, retirees call with questions. Here are this week's — and how I answered them. If one sounds like yours, send me your version.
It depends on three things — your health, your spouse's benefit, and your other income. For most married couples in reasonable health, delaying the higher earner's benefit is a powerful piece of survivor planning. But 'wait until 70' is a rule of thumb, not a rule.
Not always. In Arizona, a will often gets the job done for simple estates. A trust starts making sense when you want to avoid probate, own out-of-state property, have a special-needs beneficiary, or want privacy about who inherits what.
This is one of the most important questions you can ask. It comes down to what changes — you lose one Social Security check, tax brackets get worse, and Medicare premiums often go up. Running the 'survivor scenario' before it happens is a gift to the person you love.
Maybe — and maybe more comfortably than you think. The right question isn't 'how much do I have,' it's 'how much do I need each month, and where is it coming from.' Once we line up Social Security, savings, and expenses, the picture usually gets clearer.
Very possibly. Most people are surprised to learn that Social Security can be taxed, that RMDs push them into higher brackets, and that Roth conversions in the low-income years between retirement and age 73 can save real money later.
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