Cory Burnell

It doesn’t take a degree in finance to see the cost of college continues to rise. In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18. For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. Generally the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost. Fast Fact:   Private Costs. Tuition and fees for private four-year institutions averaged $34,740 for the 2017-2018 school year. If you add room and board, the figure rises to $46,950. Source: College Board, 2017 If your child is approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year colle

One of the most common questions people ask about Social Security is when they should start taking benefits. This is the $64,000 question. Making the right decision for you can have a meaningful impact on your financial income in retirement. Before considering how personal circumstances and objectives may play into your decision, it may be helpful to preface that discussion with an illustration of how benefits may differ based upon the age at which you commence taking Social Security. As the accompanying chart reflects, the amount you receive will be based upon the age at which you begin taking benefits. Monthly Benefit Amounts   Based on the Age that Benefits Begin¹ Age Benefit Amount 62   63   64   65   66 and 4 months   67   68   69   70 $953   $1,018   $1,097   $1,184   $1,300   $1,369 $1,473   $1,577   $1,681 *This example assumes a benefit amount of $1,300 at the full retirement age of 66 and 4 months. At first blush, the decision may seem a bit clear-cut: Si

Most understand that waiting to claim Social Security benefits can result in higher monthly payments. However, many don’t know that there are other ways to maximize their benefits, some of which depend on their marital status. Understanding the strategies for maximizing your Social Security retirement income benefits should be prefaced with a review of the three basic forms of retirement benefits: The Worker Benefit : This is the benefit you receive based on your own personal earnings history, and for which you become eligible after 40 quarters of work. The Spousal Benefit : This is the benefit paid to your spouse. For non-working spouses, this is 50% of the working spouse’s benefit. For working spouses, it is the greater of the benefit earned from his or her earnings or 50% of the worker’s benefit. The Survivor Benefit : This is the benefit paid to the surviving spouse, which is paid at a rate equal to the greater of his or her own current benefit, or the deceased spouse’s curr