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What you should know before collecting Social Security

Are you getting close to retirement and itching to take your Social Security benefits? You may want to wait. The bottom line is: waiting longer to start drawing your benefits pays.

And it seems more people are clued into this fact. According to a new study by Fidelity, only 3 in 10 retirees plan on taking their benefits when they turn 62, the earliest you’re eligible to apply for Social Security. Compare that to 2008, when almost half of retirees planned to start taking benefits at 62, according to Fidelity.

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Have questions? I can help! Contact me at 407-869-9800 or click here to send me your request.

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Market Week: April 24, 2017

Better-than-expected earnings reports for the first quarter helped push stocks higher last week. Each of the benchmark indexes listed here posted gains, some for the first time in several weeks. The small-cap Russell 2000, which had fallen below its end-of-year closing value, jumped 2.57% for the week and is now over 1.50% ahead of last year’s closing value. Gains in the industrial sector were reflected in an almost 1.0% advance in the S&P 500, while the Nasdaq increased nearly 2.0% for the week. On the other hand, energy companies didn’t fare as well, as oil fell below $50 per barrel.

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Are Taxes Lurking in Your Tax-Free Retirement Account?

Fanny Handel, a retiree in Queens, N.Y., was stunned to receive a notice in 2015 telling her she owed $92,000 in taxes on her traditional individual retirement account. Like many Americans, she thought the account was tax-free.

But she was wrong. It is entirely possible to owe annual tax on a tax-deferred traditional IRA or tax-free Roth IRA, even on an allowed investment.

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Market Week: April 17, 2017

With the United States and many global markets closed for Good Friday, stocks ended the short trading week lower. Trading volumes were low for much of the week, as investors may be concerned with rising tensions overseas in Syria and North Korea, and the continuation of strained diplomatic relations with Russia. Of the indexes listed here, only the Dow’s losses were under 1.0%. On the other hand, the Russell 2000 and Nasdaq suffered the largest dips, falling 1.42% and 1.24% respectively.

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