Wealth and Wisdom: Week of November 29, 2021

There are some interesting trends developing among retirees worth paying attention to. A recent analysis by the Washington Post shows that retirements among workers ages 65 to 69 were up 5 percent over the past 12 months – understandable given how the pandemic has disrupted the economy.

Yet despite signs that Americans are retiring earlier, they appear to be starting Social Security benefits later. The number of workers applying for retirement benefits in the same 12-month period actually fell 5 percent – the biggest drop in almost two decades.

It would appear that retirees are getting wise to the idea of holding off on Social Security benefits in order to earn higher payouts, a strategy we’ve covered frequently in Wealth and Wisdom and will continue to.

Mark your calendar: I’ll be hosting The KMOX Money Show on Sunday, December 19 from 3 to 5 p.m. I’m certain you’ll be done with your shopping by then, so join me on the radio for some holiday cheer.

Have a great week! 

Look who’s going back to work

America needs workers, and retirees are starting to step back into the breach.  (Reading time: 4 minutes)

 Tapping the nest egg early

A new survey shows more than half of those saving for retirement have taken money out prematurely. Here’s why that’s a bad idea.  (Reading time: 3 minutes) 

We’re hoarding holiday gifts now?

Shortages and price increases are prompting shoppers not only to start earlier – but to buy more than they had planned.  (Reading time: 5 minutes) 

New income tax brackets for 2022

Tax rates are the same for next year, but income ranges have been adjusted higher for inflation.  (Reading time: 3 minutes) 

What P/E ratios tell us about the market

There’s no question that stock prices are way up – but so are earnings. Does that mean today’s market is fairly valued?  (Reading time: 3 minutes) 

Fixing mistakes in your Social Security earnings record

Inaccurate earnings data can lower your retirement benefits. Here’s how to correct mistakes you find in your record.  (Reading time: 4 minutes) 

Retiring debt-free

Paying off debts allows you to retire with greater peace of mind and financial security. Here’s how to do it.  (Reading time: 9 minutes) 

Protecting yourself from lawsuits

An umbrella liability insurance policy can protect your assets if you’re on the wrong end of a legal dispute. Here’s how they work and what they cost.  (Reading time: 4 minutes) 

Start them young

If your teenager isn’t learning about personal finance in school, try these ideas to help fill the knowledge gap.  (Reading time: 5 minutes)

  

Mike’s Pro Tip of the Week

This is shaping up to be a strange holiday shopping season – but don’t let that be an excuse to dig yourself deeper into debt. Use these 10 tips to create a spending plan you can stick to.

Words to the Wise

“Oh, for the good old days when people would stop Christmas shopping when they ran out of money.”

– author UNKNOWN 

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