This list of resources was compiled for as a supplement to the information presented by Karen Chan at the September 17, 2019 program at Arlington Heights Memorial Library.
Social Security and 401(k) Strategies
Why take voluntary distributions from retirement accounts & delay Social Security?
- Lance Ritchlin, Why 401k And Social Security Coordination Is Critically Important, 401kspecialist.com, http://bit.ly/Why401k. This article is targeted at financial advisers, but you may find the information helpful.
- James I. Mahaney and Peter C. Carlson, Rethinking Social Security Claiming in a 401(k) World, Pension Research Council Working Paper, The Wharton School, University of Pennsylvania. Available at http://bit.ly/RethinkSocSec. This paper was written before the 2016 changes in Social Security claiming strategies and therefore contains some dated information. However, it is still the most thorough discussion on this topic that I am aware of.
Social Security can give you facts, but not recommendations. To see what Social Security claiming strategy might be best in your situation, try one of these commercial calculators:
- http://www.maximizemysocialsecurity.com/ ($40 fee/year)
- https://www.ssanalyzer.com/ (free)
You can find more information about Social Security claiming strategies on this website at karenchanfinancialed.com/resources/social-security/. For more information about getting the most from your retirement plan, including 401(k), 403(B), 457 and IRA plans, go to karenchanfinancialed.com/resources/getting-the-most-from-your-retirement-dollars/.
Long-Term Care insurance
- University of Illinois Extension’s website at http://www.longtermcare.illinois.edu/ will help you evaluate all of your future housing and care choices, not just insurance. The site includes a tool for comparing long term care policies at longtermcare.illinois.edu/documents/LTC_policy_comparison.pdf.
- A Shopper’s Guide to Long Term Care Insurance, published by the National Association of Insurance Commissioners, was last updated in 2013. Dollar amounts may be outdated, but it’s still an excellent read to learn a lot about LTC insurance. Download or read at https://www.naic.org/documents/prod_serv_consumer_ltc_lp.pdf .
- Consumer Reports describes the pros and cons of traditional long-term care insurance and hybrid life insurance/long term care insurance. (They also talk about short-term care insurance, but I’m not sure that this insurance product is readily available. It also doesn’t deal with the real risk, of years of expensive care.) You’ll need an online Consumer Reports membership, or you can access it through your library. https://www.consumerreports.org/long-term-care-insurance/long-term-care-insurance-gets-a-makeover/.
Reverse Mortgages
- Steven Sass, Alicia H. Munnell and Andrew Eschtruth, Center for Retirement Research at Boston College, Using Your House for Income in Retirement. Compares benefits of downsizing to a reverse mortgage, helps homeowners decide whether a reverse mortgage is right for them.
- National Reverse Mortgage Lender’s Association has a Your Guide to Reverse Mortgages at http://www.reversemortgage.org/About, which includes a calculator of how much you might get with a reverse mortgage at https://www.reversemortgage.org/About/ReverseMortgageCalculator.aspx
- You can find more information about reverse mortgages on this website at https://karenchanfinancialed.com/resources/reverse-mortgages/
Karen Chan Financial Education & Consulting, LLC 