Social Security Falls Short On Projections

Kent Forsey, CFP® Social Security

Taking full advantage of employer 401(k) or other retirement benefits will continue to be vital to successful retirement planning as reduced social security benefits  becomes more likely the longer Congress waits to take action. A U.S. Government report compiled and released by the Government Accountability Office (GAO) found that 48 percent of individuals 55 and older had no retirement savings …

Senior Bankruptcy – Retirement Planning

Kent Forsey, CFP® Bankruptcy, Medical Debt, Retirement Planning, Social Security

November 2018 The rate at which seniors file for bankruptcy has more than tripled since 1991 amid reductions in retirement and benefit payments. Of the people that are filing for bankruptcy each year, 12.2% are aged 65-74 versus 2.1% for the same age group in 1991. Adding to financial burdens, the age at which full benefits are paid by Social …