On November 2nd, a new bipartisan budget was signed into law by President Obama that will become effective in 6 months. Since 2000, retirees have been able to take advantage of a loophole in the Social Security system. It in essence allowed one spouse to draw on their spouse’s benefit while they grew their own. This strategy has been known as “file and restrict”, because you file, but restrict your benefit to half your spouse’s benefit while you grow your own. The spouse who’s benefit was drawn upon could either be taking Social Security, or do what is called a “file and suspend”. They would file, but suspend their benefit to a later date.
Your approach to building wealth should be built around your goals & values.
Just what is “comprehensive financial planning?” As you invest and save for retirement, you will no doubt hear or read about it – but what does that phrase really mean? Just what does comprehensive financial planning entail, and why do knowledgeable investors request this kind of approach?
While the phrase may seem ambiguous to some, it can be simply defined.
Comprehensive financial planning is about building wealth through a process, not a product.
Financial products are everywhere, and simply putting money into an investment is not a gateway to getting rich, nor a solution to your financial issues.
Daniel Shub, AIF®, RFC®
Wealth Management Advisor & Founder.