Goals & Strategies

07 Nov 2015 22:46

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Some good advice is to adjust goals when needed but stay on your strategy to get there. While this is usually very good advice, sometimes there are external forces that can change both.

One such external force was a recent change to Social Security that eliminates the file & suspend option. This option was fairly popular among married couples where the husband files for social security benefits and the wife also files a claim against her husband’s social security benefit but then the husband immediately suspends his payment to be collected at a future date. This allowed the husband’s benefit to continue growing while receiving some income via his wife.

The file & suspend strategy was one that I was counting on to achieve a goal I had set for age 65. Now that this feature is no longer available I will have to re-evaluate my age 65 goal and the strategies I planned to get there. This is why it is extremely important to evaluate your goals and strategies at least once a year to allow for fine tuning or, as in this case, a minor course correction.

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