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Dr. Wong's Blog
Wednesday, 27 April 2016 19:20

Protect Your Money

This is a turbulent time in the world of money. By mid-February, 2016, most U.S. stock market indices were down 10-16% from their all-time in May, 2015. The Dow-Jones Index closed on Friday, 4/24/2016 at 18,003.75, within 2% of the 52-week high on May 18, 2015, when the Dow-Jones Index closed at 18,298.88. People are confused as to how to protect their money.

In 2014, I wrote a 6-part series on Social Security Strategies with the first article, “How Social Security Strategies Affect Your Retirement”, 5/23/2014 AZ Republic by Dr. Harold Wong. The average retirement benefit was $1,294. For older Baby Boomers, full retirement age for purposes of Social Security (SS) benefits is 66. Only 5.2% of men waited until age 66 and only 1.2% waited until age 70 to take SS retirement benefits. Example: if SS benefits at age 66 were $2,000 per month, it would only be $1,500 at age 62 and $2,640 monthly at age 70. So why don’t people maximize their SS benefits?

 

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