SOCIAL SECURITY AND YOU

Continued from previous page

1968 amendments: Lowered the age at which a woman could collect widow’s benefits to 50 if she was disabled.

1977 amendments: Lowered the duration of the marriage requirement for divorced spouses from 20 years to 10 years.

1983 amendments: Raised the retirement age to 67 over a 50-year period. Children’s benefits eliminated for those age 18-21. Added benefits for fathers caring for minor children.

If you have a Social Security question, Tom Margenau has two books with all the answers. One is called “Social Security -- Simple and Smart: 10 Easy-to-Understand Fact Sheets That Will Answer All Your Questions About Social Security.” The other is “Social Security: 100 Myths and 100 Facts.” You can find the books at Amazon.com or other book outlets.

COPYRIGHT 2023 CREATORS.COM certain types of affairs while you are alive. An administrator will assist you in the event of not being able to handle daily responsibilities, eg. paying bills, etc.

A Revocable or Irrevocable Family Trust would be the fifth necessary document. If you want to avoid going through Probate, which is a costly and lengthy process, this will be necessary to provide total privacy of your assets and other family information. Once you have all those necessary documents procured and in effect, then you will be able to move on to some other important items to consider.

If you are happy where you are, still enjoying your surroundings and your costs are manageable, then staying put will be your most comfortable solution. However, if you should decide that it is time to downsize to smaller accommodations and at the same time reduce your monthly costs, then pragmatic and logical planning must be put into action. Give yourself at least 3-6 months to accomplish this task, knowing where you will relocate to and what amenities you might need or want. Will you consider a gated community nearby or out of the area? Will it be a consideration to move closer to your children (unless they are already nearby)?

I am fortunate that all my children and grandchildren are fairly close, so I most likely will never move as long as mine and my wife’s health are consistent; much better than living in an assisted living environment or worse a nursing home. You will now have time to do whatever tickles your fancy and be free to come and go as you please and enjoy your semi or total retirement.

What should you throw away and what will you take with you? What needs to be repaired in your home, painted, or even upgraded to enhance your most valuable asset? These decisions are crucial to having your home properly prepared when the time approaches to consider putting your home up for sale. Downsizing to smaller quarters means you can’t take everything within you. However, a few may just want the same square footage, but not have to deal with any maintenance, gardeners, roof leaking, plumbing, painting etc. This way they can turn the key and go to work or go out to play and have fewer concerns.

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Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. He has 42 years of experience in the Real Estate industry and has earned designations as a Graduate of the Realtor Institute (G.R.I.) and also as a Certified International Property Specialist (C.I.P.S) as well as the new “Green Industry” Certification for eco-friendly construction and upgrades. For a “FREE” 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: Phil@ TurnKeyRealEstate.Com or via https:// WWW.Li-RealEstate.Com Just email or snail mail (regular mail) him with your ideas or suggestions on future columns with your name, email and cell number and he will call or email you back.