How to Apply For Social Security in Michigan

You’ve made the decision to start your social security benefit.  You’ve either been counting down the days to age 62.  Or, you have been delaying social security and are now ready to turn on a larger benefit. If you are looking to do some planning on when to draw social security, please read these articles.   This post is meant to address the different options that … Continue reading How to Apply For Social Security in Michigan

The Flexible Social Security Strategy

One of the biggest decisions that a family will make in retirement is when to draw social security. Start at age 62, and draw a smaller benefit but can limit retirement account distributions in your early years of retirement. Or, wait until 67 or even 70, and draw a larger benefit for a longer period of time. Most people feel like they have to make … Continue reading The Flexible Social Security Strategy

Michigan Social Security Planning: Surviving Spouse

Making financial decisions shortly after a spouse passes away is very difficult. Especially, if it was the deceased spouse that handled the financials. Still, it is very important that you understand how your social security will change when one spouse passes away. The best time to plan and understand the changes is before your spouse passes, but even after he or she has passed there … Continue reading Michigan Social Security Planning: Surviving Spouse

Michigan Social Security Planning: Delaying to age 70

If you have read this blog in the past, you probably  know that I really don’t like life insurance. I like it even less in retirement. Still, I have seen enough situations, even in retirement, that someone passing away unexpectedly can put a strain on finances. Delaying your social security until age 70 is what is known as the social security insurance policy. You are … Continue reading Michigan Social Security Planning: Delaying to age 70

Taxes on Social Security in Michigan

If you earned $50,000 per year in a 35 year career, you would have paid around $110,000 in social security taxes. Also, let’s not forget that your employer would have paid the same amount of taxes on your behalf, which means that there would have been nearly $220,000 paid in social security taxes throughout your career.  Well, the good news is that at least when … Continue reading Taxes on Social Security in Michigan