Ask The Get Out of Debt Experts Investing and Savings

Mary & Bob Write In Retiring And Financially Concerned

Mary and Bob both wrote the me through the site. If you have a credit or debt question you can write me for help also.

Dear Steve,

I’m living on small social security check and I have put all my investments in cash account with brokerage firm. I am moving into an annuity for security and need cash each month. I’m using the rest for money market checking account and a 6 month CD. Is this the right thing to do? I need an answer because I’m changing this on Tuesday.



Dear Mary,

Asking me or any other casual adviser would be the wrong this to do.

Nobody could properly answer your question based on the information you’ve provided and since we are talking about your future security here, I strongly advise you to talk to a Certified Financial Planner. And not just any CFP, a fee based CFP that will charge you for their time and not try to make a buck off of you by shoving you into the highest commission paying investment.

You can find a Certified Financial Planner in your area through this link.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Dear Steve,

I am going to retire in September 2009 at age 62, my question is, I understand that my wife is eligible to receive half of my social security. Let’s say I get $1,100.00 of social security, does my wife get $550.00 in addition to this, which would give me $1,650.00 per month, my wife has never worked. Thank you.


Dear Bob,

There is no answer that I can give you that will encompass all the complexities of social security benefits. I’m going to give you some basic information and links but I strongly urge you to contact Social Security and get a direct answer to your question.

Here is what I discovered from the Social Security site:

Even if he or she has never worked under Social Security, your spouse

  • can begin collecting the benefits as early as age 62. However, if the benefit begins early, the amount will be permanently reduced by a percentage based on the number of months up to his or her full retirement age.
  • can qualify on your record for Medicare at age 65.
  • can receive a benefit equal to one-half of your full retirement amount if they start receiving benefits at their full retirement age.

There is also a very nice online benefits calculator that will be helpful to you.

Big hug to you to.


About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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