The Today Show is reporting that 2024 is a silver tsunami, with approximately 4.1 million American’s turning 65 this year. While this was once the magic retirement number for so many, in 1983 the Social Security system was overhauled, and the full retirement age was gradually raised to 67 for anyone born in 1960 or later.

What happens if you are not looking to wait until 67 to take those Social Security benefits?

Let’s take our silver tsunami candidates for example (www.SSA.gov/benefits):

With inflation on the rise and the average family’s monthly bills increasing, many retirees are either looking to maintain their current employment, or they will retire and supplement their social security benefits with part time or seasonal work. When doing this, be sure to talk to a social security representative to understand how that can affect your monthly benefit.

As reported on the Social Security Administration website:

• If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount.
• If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2024, that limit is $22,320.
• In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2024, this limit on your earnings is $59,520. We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year.

Should you or a loved one have questions about any of your documents or other benefits that you may qualify for, like those listed above, don’t hesitate to give us a call. After all, it is one of the many benefits of being a Peace of Mind client!

It is that time of year again. Many of us make those New Year’s resolutions seeking some kind of opportunity for change. Whether you are looking to quit smoking, lose weight, eat healthier, spend more time with the family, unless you process and set guidelines for attaining that goal, many of you will be making those same resolutions for 2025.

My tip, make yourself accountable for your goals. Don’t just say that you want to do these things, sit down and map out a plan for how you will be successful. For example, if you want to exercise more:

• How many times a week are you committing to?
• Mark it on your calendar which days you will be going.
• Enlist a friend that you will be accountable to for showing up.
• Check in every couple of weeks to see how you are doing with your goals.
• Reward yourself for showing up for you.

While you are making these resolutions, don’t forget to make sure that your estate plan is in order.

POM Member Benefit

As a Peace of Mind member, you are entitled to a yearly meeting with your attorney, at no additional cost. This meeting could include your financial planner and/or your accountant if they are available. It is an opportunity to update your estate planning documents to meet your current needs.

Please contact our POM Coordinator, Marilyn Cantore (mcantore@vjrussolaw.com) to schedule your meeting today.

As a general rule, you should review your estate plan yearly. Additionally, you should re-evaluate your plan after any major life event. You can find some major life events, (such as marriage, new child/grandchild, divorce, death, retirement) that should cause you to review/update your estate plan.

Let us help you succeed this year!