In other news, a new Charles Schwab report states that nearly half (44%) of retirees claim to be supporting at least another individual financially.  While this exhibits the generosity of retirees it is also evidence that retirees are not practicing proper retirement planning.  Everyone, of course wants to help their family in whatever way they can, but it is paramount to worry about your own finances instead of your family’s.  Helping them in the short term is fine, but imagine once you are gone then how are they going to figure out their finances in the future.  Setting the right example through debt consolidation and reducing expenses, is the most prudent decision to ensure your family’s financial future. 

And finally, to add to the launching of the socialsecurity.gov site to which I mentioned in the post “Apply For Social Security Benefits Online.” It appears that Patty Duke has brought back her role as Cathy Lane from the 1960’s sitcom The Patty Duke Show to get baby boomers online to apply for Social Security benefits. While the characters she plays in the Public Service Announcements are signing up for social security, Patty, aged 62, says she will be waiting a few more years to start receiving benefits.  This is especially a good call if you are healthy and believe you will live a long life.  In fact there is s great article from the Center for retirement Research at Boston college entitled, “How Much Do Households Really Lose By Claiming Social Security at Age 62?”  Don’t fret if you have started collecting Social Security at 62 and have since changer your mind because you have the ability to restart your Social Security benefits. Here is a nifty little Social Security calculator that will help you decide when the best time to start receiving benefits.  Oh and if you would like to see the ads please visit socialsecurity.gov/pattyduke