Financial Planning Tips

My name is Michael Mezheritskiy, Founding Partner of Visionary Private Wealth Management Group, an independent, financial planning company. I will shine more light on different areas of Financial planning. Please email with questions/topic requests. Flag as Inappropriate

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REVMAN September 6, 2013 at 07:00 am
The govt. wants you to wait until FULL retirement or 70 years of age so your payment is much higherRead More than at 62 and they are right if you LIVE that long.
Michael Mezheritskiy September 6, 2013 at 09:19 am
Dear Revman. Thank you for reading our blog and taking the time to post a comment. The age at whichRead More you should take your social security depends on your personal situation and goals. One of the big unknowns, as you correctly mentioned, is our longevity. No one knows how long we will be around, however that should not stop us from looking at statistics and still having a plan. Statistically if you wait until your full retirement age, the brake even point, I belive, is 13 years. However if you have a spouse, that stayed home with the children, or earned a lot less during his/her carrer, his/her ongoing income might be significantly reduced if you were to prematurely pass away after starting to collect at 62. Therefor if your objective was to make sure your significant other has a bigger pay out, in case any thing happens to you, you would probably consider delaying your social security stat date, unless you have other income sources. That is why it is very important to have put together a financial plan, with you financial advisor, to make sure you have explored all the options and made the right decision. There are a lot of different strategies that you can choose from, when beginning to consider taking social security. Start as early as you are eligible, Wait to collect, File and Suspend, Claim now Claim more later, as well as a combination of File and Suspend + Claim more Later. It all depends on your personal situation. Remember once you start collecting you have only 12 month to change your mind, then your decision is irrevocable. I hope this was helpful if you have any questions, please don’t hesitate to call/email me directly. (860)341-4500; Michael.Mezheritskiy@lpl.com Have a great weekend Sincerely Michael Mezheritskiy Founding Partner Visionary Private Wealth Management Group
REVMAN September 6, 2013 at 01:18 pm
Micheal- Thanks for replying I took my S.S early and against my financial advisor advice and glad IRead More did as my wife passed before ever collecting one dime and all I got from her S.S was $255(WOW!) to bury her so you can see I don't trust the government. Also I was retired and what most people don't realize is you have to apply(age 65) and pay for Medicare ($104.90 per month ))out of your pocket until you start to collect or face a 10% penalty per year which adds up to a lot of money. Medicare is not free or optional and only pays 80% the 20% is up to you so you must need a supplement. That is another reason to take it early if you retire early.
James Gifford September 3, 2013 at 04:28 pm
Do financial advisers all have a publicity handbook that tells them cross-posting financial adviceRead More blogs is a good tactic?
Denise August 29, 2013 at 09:46 am
You forgot to mention that Social Security was NEVER meant to be the sole source of retirementRead More income! Many people in our country believe that they do not need to SAVE and PLAN for their future needs.
Michael Mezheritskiy August 29, 2013 at 10:05 am
Denise, you are absolutely correct. Having the right plan in place is Esential and the earlier youRead More start the better of you will be! Thank you for your comment Sincerly Michael