Friday, September 12, 2008

U.S. News: social security tips; do Baby Boomers "deserve" to retire?

U.S. News has a couple of interesting stories on retirement.

One of them is a short by strident article by Emily Brandon, pointing to an article by Robert Brokamp in The Motley Fool,” “You Don’t Deserve Retirement.” Brokamp says we don’t save enough, we don’t know how much we need, and we have “lousy portfolios.” The Scrooge-like article, dated Aug. 21, 2008, is here.

Another is a reprint on Yahoo! Finance (I couldn’t find it on the US News site) “ dated Sept 12, “Three Unusual Strategies for Claiming Social Security Benefits,” link here.

One basic idea for someone unemployed but with some long-term prospects for a second career is to file a claim at 62, and then, if possible, go back to work, return the money without paying interest, and become entitled again to the higher benefit amount at full retirement age or later. Married couples can use spousal benefits creatively: receiving a spousal benefit while working, and then claiming more later. An inverse of that technique is to “claim and suspend” so that the spouse gets benefits while you keep working.

Yahoo! Finance has a running series on social security with some other articles on strategy for manipulating benefits within the rules.

I’ll try to find a more permanent link.

Update: Aug. 20, 2009

Check this AARP link "Recouping ‘Lost’ Social Security Benefits After Going Back to Work: Recalculation can result in a bigger check for life", by Linda Stern, link here.

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