6. REMEMBER THIS SPECIAL SOCIAL SECURITY TIP: Even if you are divorced, you are entitled to half of your ex-spouse’s Social Security benefits if you are 62 or older, were married for at least 10 years and have not remarried.2


A widow, as long as she


doesn’t remarry before age 60, is entitled to at least 71.5% of her husband’s Social Security benefits. If she waits until full retirement age, she is entitled to 100%. For more information on your particular circumstances, call the Social Security Administration at 1-800-772-1213.


7. IF YOU ARE EMPLOYED AND DECIDE TO SWITCH JOBS, CHECK YOUR COMPLETE BENEFITS PACKAGE, including the portability and vesting rules of your retirement plan. The U.S. Bureau of Labor Statistics reports that, on average, working women over age 25 switch jobs every 4.8 years.3


CALL YOUR FINANCIAL ADVISOR TO DISCUSS YOUR GOALS. To put build a financial strategy that will help you achieve your ideal retirement, consult with your legal, tax and financial experts regularly.*


1


The World Bank, life expectancy charts, http://search.worldbank. org/data?qterm=life%20expectancy&language=EN.


2


Age 60 if your ex-spouse is deceased, 50 if you are disabled. Dana Anspach, “Key Things to Know About the Social Security Spouse Benefit,” About.com, http://moneyover55.about.com/od/ socialsecuritybenefits/a/socialsecurityspousebenefit.htm.


3 This job-change


frequency often limits the growth of retirement plan assets due to vesting requirements typically set at five years.


8. INVESTIGATE YOUR EMPLOYER’S TUITION REIMBURSEMENT BENEFITS. In the Employee Benefit Research Institute’s 2011 Retirement Confidence Survey, 74% of workers said they expected to work for pay in retirement.4


Going back to


school to develop “secondary employment skills” or to learn a new field can be a tremendous benefit if you choose to make a career or job change at a later date.


9. CONSIDER LONG-TERM CARE HEALTH INSURANCE. Since the cost of spending a year in a nursing home can exceed $100,000 in some parts of the country,5 of care is about three years,6


of at least $300,000 in retirement.


10. PLAN AHEAD TO MAKE SURE YOU DON’T LEAVE EVERYTHING TO UNCLE SAM. If you expect to leave something to your heirs, establish an appropriate estate plan. Without proper planning, estate taxes, state taxes and income taxes on retirement plan distributions could reduce your estate substantially. Essentially, your heirs may receive only a fraction of what you’ve worked so hard to accumulate.


clearly...


Douglas K. Reller 813.227.2121


fa.smithbarney.com/reller


Michael A. Wills 813.227.2089


fa.smithbarney.com/wills


Morgan Stanley Smith Barney Financial Advisors 100 North Tampa Street Suite 3000, Tampa, FL 33602


© 2012 Morgan Stanley Smith Barney LLC. Member SIPC. fithe right


Wealth originates from a focused vision. We help our clients build a strong fi nancial foundation based on a shared view to integrate their wealth and life goals into a clear unifi ed plan. Call us today to discuss how we can help bring clarity to your fi nancial wealth management.


Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Smith Barney Financial Advisors do not provide tax or legal advice. This material was ot intended or written to be used for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.


The author(s) and/or publication are neither employees of nor affiliated with Morgan Stanley Smith Barney LLC (“MSSB”). By providing this third party publication, we are not implying an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by MSSB of any information contained in the publication.


The opinions expressed by the authors are solely their own and do not necessarily reflect those of MSSB. The information and data in the article or publication has been obtained from sources outside of MSSB and MSSB makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of MSSB. Neither the information provided nor any opinion expressed constitutes a solicitation by MSSB with respect to the purchase or sale of any security, investment, strategy or product that may be mentioned.


Article written by McGraw Hill and provided courtesy of Morgan Stanley Smith Barney Financial Advisor Douglas K. Reller. Morgan Stanley Smith Barney LLC. Member SIP. CRC# 388887 10/11


Bureau of Labor Statistics of the U.S. Department of Labor, “Number of Jobs Held, Labor Market Activity, and Earnings Growth Among the Youngest Baby Boomers: Results From a Longitudinal Survey,” Sept. 2010. PDF available at http://www.bls. gov/news.release/pdf/nlsoy.pdf.


4


Retirement Confidence Survey, Employee Benefit Research Institute, 2011,http://www.ebri.org/publications/ib/index. cfm?fa=ibDisp&content_id=4772.


5


Genworth 2009 Cost of Care Survey, page 6. PDF available at http://www.genworth.com/content/genworth/us/en/products/ long_term_care/long_term_care/cost_of_care.html.


6 and the average duration you could face unplanned expenses Ibid. * Bonus step.


nancial choice


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