Estate Planning: When do I need a Will?

Often I notice clients focusing heavily on the investment aspect of financial planning without giving adequate consideration to estate planning. It tends to be clients under 35 and those who are unmarried who often don’t think they need estate planning. In many cases they do and should spend the time and small amount of money required to establish a will and do a few other things which I’ll discuss below:

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Should you consider taking Social Security early?

My clients frequently ask ‘when is the right time’ to start taking Social Security. The most correct answer which is given by both advisors and the Social Security Administration is that you should turn on this income stream when you reach your Full Retirement Age (FRA). Collecting at your FRA is the first opportunity at which you can collect your full benefits and continue to work if you so desire. If you collect your benefits before your FRA they will be reduced and, depending on your earned income, they could be reduced even further. Even so, some people are buzzing about the idea of taking benefits early. After some careful pondering I’ve concluded that this isn’t necessarily the worst idea for some people in certain situations:

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