Thursday, September 17, 2009

Married men should be especially wary of taking social security too early


Daily Finance offers another one of those “10 most” lists (oh, no, not that again), “10 Top Retirement Mistakes”, by Daniel Solin, link here.

He says that men tend to be overconfident in their investing skills. But a couple of his pointers are really interesting. One is, don’t retire too early. If you can keep working at least until your mid 60s or even 70. Another, don’t take social security too early, at 62. The problem is particularly acute for men who are married and who were sole breadwinners. Their wives may significantly outlive them and become impoverished by the spousal survivor’s benefit as a significantly lower amount for lifetime when taken at 62.

He also says, not all bonds are safe (just look at the 2008 crash), and don’t remarry without a prenuptial (whatever family values say). He warns against not having a current will, and he makes some interesting points about annuities.

Read this one. Today AOL made a good find.

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