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Nicholas Scheibner, CFP®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “Should my wife apply for Social Security on my account?”, originally published on July 6, 2023. When your wife applies for Social Security, Social Security will automatically apply for both her own retirement benefits and spousal benefits. This is called “deemed filing”. If your wife never worked…

Victor Cannillo, NAPFA-Registered Financial Advisor, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “I’m 69. How long can I contribute to a Roth?”, originally published on June 27, 2023. For 2023, the total contribution limit is $6,500 per year; $7,500 if you’re over 50. You can contribute to your Roth IRA in perpetuity as long as you’re still…

Baron Financial Team Answers Questions About “Your Personal Economy”. Presented by Victor Cannillo, NAPFA-Registered Financial Advisor. Today’s video answers the question, how do I create an income stream in retirement? We are going to cover three common income resources that may be available to you in retirement. View or listen to our video to learn more.

Nicholas Scheibner, CFP®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “I’m almost 62. Should I take Social Security now or should I wait?”, originally published on March 20, 2023. First, you need to determine how much you are earning through work. Social Security will reduce your actual benefits received if you earn over the income limit before Full Retirement Age (FRA)…

Baron Financial Team Answers Questions About “Your Personal Economy”. Presented by Nicholas Scheibner, CFP®, Wealth Management Advisor at Baron Financial Group. View or listen to our video for Nick’s to-do list prior to retirement.

James Suazo, ChFC®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “I want to retire. Should I use the 4% rule?”, originally published on February 22, 2023. The 4% withdrawal rate has been used over time as rule of thumb for withdrawals in retirement. However, we recommend reviewing your specific plan. What is your current ...

The Social Security Administration (SSA) announced on Thursday, October 13, 2022, that it will be increasing Social Security (SS) and Supplemental Security Income (SSI) benefits by 8.7 percent in 2023. This is the highest increase in 41 years. This cost-of-living adjustment (COLA) will begin for more than 65 million SS beneficiaries in January 2023 and for more than 7 million SSI beneficiaries, on December 30, 2022. Some people receive both Social Security and SSI benefits.

Nicholas Scheibner, CFP®, is quoted on the topic of Social Security benefits, answering readers’ questions on NJMoneyHelp.com by Karin Price Mueller. “I never paid into Social Security. Can I get benefits anyway?”, originally published on May 2, 2022. “If I file for Social Security first, can I still get spousal benefits?”, originally published on June 13, 2022.

Nicholas Scheibner, CFP®, is quoted on this topic in an article on CNBC.com by Annie Nova, “How to invest smartly when inflation picks up”, originally published on May 21, 2021.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides additional unemployment insurance benefits for workers impacted by the Coronavirus pandemic. Coverage has now been extended to cover more workers such as self-employed and independent contractors. For the next four months, eligible unemployed workers will receive an additional $600 per week, above and beyond the standard benefits. According to the U.S. Department of Labor:

If you began taking Social Security before full-retirement age and are looking to postpone payments until a later time, there is a solution: the 1-year payback rule.

Whether you are making a plan to travel or planning for retirement, determining an appropriate strategy ahead of time will provide guidance for a path to success and for actions to take when things might not go as smoothly as expected.