Tag Archives: retirement

Social Security is a Matter of Timing

By Harriet Hoffman, Make the Right Choice

Social Security is a Matter of Timing - Howard Lipset, CPADeciding when to begin receiving Social Security benefits can be a major life decision. It can impact your long-term financial security, your retirement prospects and your federal tax burden, or it can provide an immediate and welcome lifeline.

On the surface, when to take your benefits looks like a no-brainer. You can begin collecting any time between age 62 and 70.  Full Social Security age is 66. So if you want or need those monthly payments, many people would advise you to grab the money as soon as possible. If you don’t need the money the common wisdom says wait until you are full Social Security age (for baby boomers that age is 66) and then you will collect for more years than if you wait until the maximum age of 70. If you don’t have other assets, wait until 70 to get more guaranteed-annuity income. This over-simplified guide leaves out the myriad of factors that need to be considered if you are to make the most of the benefit that you have earned and that for many will play a significant role in your future financial security.

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Another Medicare Hidden Trap

Howard Lipset of www.thecfo.wordpress.com discusses how the way hospitals are coding patients is affecting Medicare coverage.This is a summary of a major article published in this month’s AARP Bulletin.

The article discusses a woman who fractured her spine, spent 5 days in the hospital, wearing an ID bracelet, eating hospital food and receiving nursing care but when she was transferred to a rehab facility she learned that Medicare was not going to cover her rehab because the hospital had never formally admitted her,  but had classified her as an outpatient under observation.

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STRESS RELIEF

Recently, a client called to ask some questions about taxes.  While talking to her, I discovered she had many questions about finances, retirement and business, as well as taxes.

When we were done she told me that she does not know why she doesn’t call me more often, because I always relieve her financial-related Stress.

Howard Lipset - Stress ReliefI kind of laughed but she went on that she feels very insecure about financial matters and when she talks to me, she understands what I am saying and then everything feels OK again.  She told me that I should market myself as a “stress reliever”.  I laughed again and told her that I did not think I wanted to touch that line.

Afterwards though, I started to think about it.  She was not the only client to say this, though the others framed it differently.  They used terms such as “confidence in me”, “sleep at night knowing I am there to watch over their finances”, and “help them to be more productive in their business and life”. Each one is indicative of Stress Relief.

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