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Bank Fees: Everything You Need to Know Before Switching to a Toll Free Account

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Types of bank fees and the services they provide

The type and amount of fees vary by institution, so it is always important to do your homework. Here are some common and less common fees charged by banks and other financial institutions.

Monthly service fees

This is a flat monthly fee to keep your account active. You can expect to spend around $ 4 on a no-frills account and more on perks like checks or unlimited transactions. Some accounts require you to maintain a minimum balance at all times or incur additional fees.

Transaction fees

Transactions include deposits, withdrawals, Interac e-transfers, or bill payments – basically anything that involves transferring funds through your account. You might think these would be covered by a monthly service fee, but unless you have unlimited transactions (which usually come with a premium), you pay extra. Transactions completed above your monthly limit typically cost $ 1 to $ 1.50 each.

ATM fees

While many banks include ATM transactions in their packages, you will usually be charged for using an ATM that is not on your bank’s network. This may show up as a “network access fee” of approximately US $ 2 charged by your bank and / or a “convenience fee” (US $ 4 to 5) charged by the ATM operator – or both. That’s an additional $ 6 to $ 7 for the convenience of using an ATM.

Lost Card Fees

If you lose your bank card, replacements can cost around $ 5 per card.

Insufficient Funds Fees (NSF)

If you make a withdrawal from your account and don’t have enough funds to cover it, you will be charged an NSF fee. These usually run around $ 35 each. Of course, you can avoid this by holding a positive balance, but many of us have at one point written a check that we forgot or overestimated our funds. You can avoid this fee by adding overdraft protection (see below) to your account – but that too usually comes with a monthly fee.

Overdraft Protection Fees

Establishing overdraft protection (a financial product that covers check and direct debit withdrawals that exceed your account balance to avoid insufficient charges) varies from institution to institution, but you can usually find a package that will only be billed to you when you use it. The price can be as low as $ 5 or $ 10 per month or more.

Paper Draft Fees

Since most documents have been moved online, it is not surprising that banks typically no longer automatically offer paper statements. Getting one can cost you around $ 5.

Pascal’s Behavioral Finance tool is now available to all consultants

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With scientifically validated psychometric modules, InvestorEQ can generate a better customer image with eight investor profiles and a dynamic risk area, which helps financial advisors to gain deeper insights into the behavior of their customers. For their part, clients also have the opportunity to better reflect on and know their own motivations.

“We had a well-established behavioral finance tool that we were using, but found it didn’t deliver the relationship building we wanted,” said Gerald Zengeya, business optimization strategist at Wealth Stewards, a boutique wealth management firm and winner of the Global Financial Planning Awards for Canada in 2017 and 2018. “Relationship management is at the core of our business and InvestorEQ helps our team fully understand our clients and enables us to truly demonstrate our wealth management expertise and wisdom.”

This statement is backed up by research from Syntoniq, a world leader in behavioral science and Pascal’s partner in implementing the solution. It found that advisors using InvestorEQ saw an 85% increase in prospect conversions, a 160% increase in referral rates and a 78% increase in client engagement.

“We are excited to work with Pascal to deliver BeSci solutions to the Canadian market,” said Brian Pasalich, Co-Founder and CEO of Syntoniq. “Your team understands that an emotional bond with the customer is at the heart of the advisor-customer relationship.”

How to have a retirement that’s worth saving for

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Most of the advice on retirement planning focuses on how to save enough money to replace your paycheck.

But work offers us much more than just income. Many of us get a sense of meaning, accomplishment, and even identity from what we do. Work also provides social connections and a structure for our days.

Losing all of that can be disorienting, which is why experts – including some who are already retired – recommend thinking about how to replace these aspects of the job.

“Most adults don’t want a pure leisure life,” writes certified financial planner Barbara O’Neill in her book “Flip a Switch: Your Guide to Happiness and Financial Security Later in Life”. “They crave meaningfulness, meaningful daily activities and relationships, and the freedom to do what they want, even if it means continuing to work.”

Imagine a typical day

Retirement often begins with a variety of activities, when people travel, visit their families, and do their favorite activities. However, pension experts recommend imagining a more typical day after you’ve checked off some of your bucket list activities. How do you spend each hour starting when you wake up? Who are you going to spend time with? How will you react when someone asks, “What are you doing?”

O’Neill, for example, does not use the word “retired” to describe himself. Instead, she explains that she left Rutgers University after 41 years as a professor and now owns Money Talk Financial Planning Seminars and Publications, where she writes and speaks on personal finance topics.

In fact, research shows that work in retirement is associated with more happiness. Part-time work can also help you gradually retire, says CFP Shelly-Ann Eweka, senior director of financial planning strategy at financial firm TIAA.

“Some people are really stressed because it seems final,” says Eweka of retirement. “Imagine working part-time to have less work and more free time so you can get involved.”

Retire for a test drive

You might want to take your vision of retirement for a test drive before you quit work, says Eweka. Consider taking a two-week vacation doing what you can hope for in retirement, like playing golf, traveling, volunteering, or looking after the grandchildren. If you plan to move to another area, consider renting a house there for a couple of weeks if possible. You may find that reality meets or exceeds your expectations. If not, you can change your plans before you commit, says Eweka.

Also, think about how to replace the social interactions you get from work. People with strong social connections tend to be happier, healthier, and live longer. You can invest in existing pre- and post-retirement relationships by spending more time with family and friends. O’Neill recommends setting specific days and times for regular connection, either in person or by phone or video call.

But aging also means losing connections when people die or move away. Volunteering, joining community organizations, or just getting to know your neighbors can all help you build relationships with new people, says O’Neill. Accompanying a dog, cat or other pet can also contribute to well-being.

Live meaningfully

Without the structure imposed by work, some people drift off and one day turns into another. Setting goals and taking steps to achieve them can help restore a sense of purpose and success, says O’Neill.

O’Neill began her life after Rutgers by setting five goals: to finish the book she was writing; stay active in financial literacy; Maintain friendships; “Doing lots of fun things and new things”; and stay healthy by walking 10,000 steps a day, eating healthy foods, and getting at least 7 hours of sleep every night. (Taking care of your physical well-being is key: 81% of retirees in a 2014 Merrill Lynch study named good health as the main ingredient to a happy retirement.)

Achieving specific, measurable goals can help people redefine their concept of productivity, which is important for many people’s self-esteem, says O’Neill. Goals can also help compensate for a tendency to procrastinate.

People who are used to save and belated gratification can have difficulty “flipping the switch” to get on and enjoy their lives, says O’Neill. But time, health and energy are not infinite. Many people in her community of 55+ in Ocala, Florida struggled during the pandemic not just because their plans were canceled but because they were aware the clock was ticking, she says.

“It wasn’t just two lost years, it was two good years,” says O’Neill. “You don’t know how many of them you have left.”

This article was written by NerdWallet and originally published by The Associated Press.

WIN THE LUMI WATER DISPENSER FROM AQUA OPTIMA

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Reading time: 2 Minutes

We’re giving one lucky reader the chance to win the Lumi water dispenser from Aqua Optima!

The price

The compact and elegant lumi water dispenser provides you with chilled, filtered water at the push of a button.

Suitable for any home, office, kitchen, utility room or workplace, the Lumi provides an internal cold water tank of 0.8L and only takes about 30 minutes to cool the water to 12 ° C, almost half the time that your fridge jug would need to cool down to the same temperature.

The blue LED cooling light lights up when the filtered water has cooled down. Simply press the button to dose.

The Lumi provides a 0.8L internal cold water tank and only takes around 30 minutes to cool the water to 12 ° C, almost half the time it would take your fridge jug to cool to the same temperature. The blue LED cooling light lights up when the filtered water has cooled down. Simply press the button to dose. RRP: € 129.99.

To find out more, visit www.aqua-optima.com or buy from Amazon here.

the competition

Simply follow the instructions below to participate.

a Rafflecopter competition

The competition ends on Thursday, August 19th at midnight. The winner will be announced on our competition winners page. Good luck everyone!

Terms and Conditions

  • This competition is sponsored by MoneyMagpie (“Organizer”).
  • The competition is only open to UK residents aged 18 and over. No purchase required.
  • The price is provided by Aqua Optima.
  • The competition is not open to employees (and their families) of the organizer MoneyMagpie or the partner Aqua Optima, their representatives or associated third parties who are directly connected with the administration of the competition.
  • The organizer is not liable for lost or delayed competition entries.
  • The winner will be selected at random by an independent jury and notified by email or phone. The judge’s decision is final and no correspondence will be entered into.
  • By participating in the competition, you agree to the notification by the organizer. Upon such notification, the winner must provide the Promoter with full details of their mailing address to which the prize (if any) will be delivered.
  • If the Promoter fails to: (a) contact the winner (using the details provided on the day of entry) within 5 working days, or (b) the winner fails to return their mailing address to the Promoter within 14 days of being notified that they are have won the prize, the organizer reserves the right to draw a new winner until a winner has been found under these conditions.



What To Do If Your Student Loan Is Suspended After The Covid-19 Postponement

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Student loans without a break

Since March 13, 2020, federal student loans have been set at 0% interest rates and payments for the loans have been suspended. This interest-free indulgence has brought welcome relief to many student loan borrowers whose finances suffered during the COVID-19 pandemic. We call this the “student loan break”.

But the student loan postponement is set to expire on September 30, 2021 (although some argue it could be renewed again).

After such a long break, it is safe to say that no one is happy to have to make room in their budget again for paying out the student loan. But it’s also important to have a plan. Here’s what you need to do to prepare for when the dreaded moment finally comes.

When are the student loans dormant?

While the world is far from normal, the Department of Education will end the coronavirus grace period on September 30, 2021. This means that payments for federal student loans will start as early as October 1, 2021.

If you’ve set up an automatic direct debit on your student loans, expect your normal payment to be in October 2021. Check with your credit service provider for the exact date.

What if the student loan is interrupted?

Two big things will happen when student loans stop. First, the interest rate on your loans will return to pre-Covid levels. At the moment the interest rate is fixed at 0%. Starting October 1, 2021, the original lending rate will be restored.

Second, borrowers must make monthly payments on their federal student loans. These payments have been suspended since March 13, 2020.

Note: Many analysts have worried that if student loans are interrupted, some borrowers could default. If you have federal loans, You need to check your credit status and the payment that is due. Don’t leave it by default!

How will student loan forgiveness affect?

The $ 0 payments made during the Coronavirus Tolerance Period count towards Public Service Loans (PSLF) and Income Driven Repayment (IDR).

If you made payments during the deferral, request a refund immediately. You are legally entitled to a full refund of all payments made between March 13, 2020 and September 30, 2021.

Don’t hesitate to request a refund. This is something that you should take care of as soon as possible.

Tips to Prepare When Student Loan Payments Resume

The thought of having to put a high student loan rate into what is likely to be a tight budget can be daunting. But don’t stress yourself. Below we cover 5 tips to help you make the transition smooth.

Prepare your budget

With eight to nine months with no payments, your checking account may be shocked when loan repayment resumes. Unless you have chosen an income-driven repayment plan (IDR), your new payment will be your payment from February 2020.

Between now and the end of the year, visit your loan service provider’s website to review your payment. Then build the new payment back into your budget.

Update your contact details with your credit service provider

Anyone who has moved or changed phone numbers or email addresses should update their information with their loan service provider. Your loan service provider will help you with any repayment problems you may face.

An easy solution to this is to make sure you’ve set up your online account so you can see your credit status, information, and even payments.

If you are concerned that your loan service provider will change (because you might have had Fedloan or GSMR) it won’t happen until a later date. So if these are your current service providers they should be reached out to them.

Related: The full list of Federal Loan Servicers (with contact information)

Read emails from your loan service provider

Loan service providers can send you vital information about where your loan is and what to look for in the event of the student loan interruption. Be careful not to accidentally throw away any communications from your servicer. Read the letters and take the necessary action.

Here too: If you have set up your credit portal online, you can also opt for electronic account statements and view everything online.

Deactivate AutoPay if necessary

If you’ve set up automatic transfers to your 401 (k) account or other accounts to save money on paused payments, be sure to turn them off in January. You don’t want to accidentally overdraw once payments are resumed.

Consider signing up for an income-based repayment plan (IDR)

People who lost income in the first nine months of the pandemic may find that the old payment doesn’t fit into the new budget. If so, you should sign up for an income-driven repayment plan (IDR) before the end of the year.

When you sign up for an IDR plan, your loan payments will not resume prematurely. However, it is important to sign up before making your first payment. To sign up for your IDR plan of choice, visit StudentAid.gov/idr. Click on “Apply now” to start the application.

How to start paying

From October 2021, you will have to start paying student loans again. Anyone who has signed up for automatic debit programs will see the payment automatically debited from their bank account. Credit service providers will automatically restart the automatic withdrawals in January.

Anyone worried that automatic debits will result in overdrafts should call their loan service provider right away. You need to sign out of AutoPay and plan to send manual payments instead.

Borrowers who have made manual payments must start sending checks or wire transfers through the loan service provider’s website. For more information on manual payments, contact your credit service provider.

Recertification of income when student loan interruption is lifted

If you have an IDR plan, you may need to re-certify your income. The income recertification dates have been postponed to some time in 2021. Your credit service provider (s) should send you information about your recertification date.

Should I pay off my loans at a flat rate?

While many people have struggled in the past few months, some have increased their savings and incomes. If you have enough money to pay off your loans, now you may want to get rid of them. You can schedule a payment to pay off the loans in full to start 2021 on the right foot.

If you do not have enough money to pay off your loans in a lump sum, it may be advisable to wait for additional payments. The economy is still shaky and it could be risky to use the savings to get rid of debt at a manageable interest rate. Consider waiting to settle the debt in full before making large additional payments.

Forgiveness Thoughts: If you feel that a loan can be waived, you should wait a few months in Biden’s presidency before repaying your loan. Waiting never hurts (aside from a few extra months of interest).

Final thoughts

As long as your contact and banking information with your servicer is up to date and you’ve made the necessary changes to your automatic transfers, thawing student loan payments shouldn’t cause you too much grief.

If you’ve lost income or struggled in the past few months, IDR plans can keep your payments manageable. Or, if your financial situation is tough, you should check with student loan refiners to see if one could offer you a lower interest rate.

Refinancing federal loans was practically of no benefit during the deferral period of 0%. But with the resumption of payments, this could again be a strategy worth considering.

Regardless of your personal situation, it is important to plan today so that you are prepared for the repayment of the student loan tomorrow.

Divorce Over 50: Manage Your Finances If You Are Single Before Retirement

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Married couples are usually subject to a division of assets when they separate. The rules differ slightly depending on the province or area of ​​residence, but couples who have been married for a long time or who have amassed most of their wealth together can be fairly evenly divided.

However, there may be other considerations, such as spousal or child support. Married couples about to retire or who are already retired may not be eligible for maintenance if their children are independent adults. Spousal support can still be claimed, but may not be as significant as it would be for a younger couple if one or both parties are about to end their careers or are no longer gainfully employed.

In some provinces or territories, common law couples are treated like married couples, but this is not always the case. Assets may or may not be split and other factors may affect support obligations.

Some annuities can be more difficult to divide than other assets that are easier to value. A defined contribution (DC) annuity is a mutual fund account that has a market value and can change with market fluctuations. A defined benefit (DB) pension that pays a plan member a specific monthly benefit may be eligible to pay a portion to each spouse; However, if the pension is split before the start of the payout, it may be necessary to evaluate the annuity based on complicated assumptions with a current value.

Anyone going through a separation or divorce should seek family law advice. Other professional advice regarding the tax implications of assets and income is also important as there is $ 100 in tax deferral paid RRSP Assets can be less than $ 50 after tax, so they can’t be compared to $ 100 tax-free TFSAs or $ 100 of tax-exempt primary residence property.

Working with collaborative family lawyers or mediators can produce the best and most efficient financial results for both parties. After all, divorce is not a zero-sum game where your partner loses when you win. The financial cost of legal advice and litigation can be significant and harmful to both parties, especially with limited assets to finance retirement.

Handling of fixed costs as a single pensioner

One of the biggest problems in divorce for retired and retired couples is that when you split your assets, you don’t necessarily have to split your expenses as well. A 50% reduction in retirement savings does not mean a 50% reduction in pension costs, and there are many fixed costs for a household, regardless of whether it is a two-person or one-person household. Divorced people may find that their expenses are still much higher than half what they paid as a half-couple, even though they only go away 50% of their combined marital assets.

Separation as part of your retirement provision?

Retirement planning is an important exercise for couples; this should be done long before retirement and especially as this phase of life approaches. Asking your spouse if they would like to separate may not be a common consideration in retirement planning, but it isn’t a completely unrealistic concept either.

InvestCloud plans new app with NaviPlan Tech

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It’s been almost three months since wealth technology platform InvestCloud acquired financial planning software developer Advicent and its NaviPlan tool for an undisclosed amount. In an exclusive interview with WealthManagement.com, the Los Angeles-based wealthtech company announced that it would modularize NaviPlan’s capabilities, essentially place the tool alongside other InvestCloud apps, and make it easier for consultants to acquire access to the cash flow planning engine. At the same time, InvestCloud does not plan to end support for existing NaviPlan customers or change the management of Advicent.

Upon completion of the acquisition, InvestCloud is in the process of integrating the capabilities of NaviPlan into its InvestCloud Digital Warehouse, where it will become an app called “Np” that will be available on desktops and mobile devices. The Np app will “complement InvestCloud’s existing and flexible goal-based planning, holistic planning and total net worth apps,” said Mark Trousdale, the company’s chief marketing officer.

InvestCloud is marketing NaviPlan to its existing customers as a new solution, Trousdale added, but said that it also expects existing NaviPlan customers to find interesting technologies and products with the new launch of InvestCloud. NaviPlan is used by over 140,000 financial professionals in nearly 3,000 companies worldwide. In addition to being a household name in North America, it also owns Figlo, which has an industry cache in Europe.

According to Trousdale, NaviPlan’s planning technology will also be integrated into the InvestCloud asset management platform. As an integrated product, the NaviPlan app will coexist with more than 300 other apps to provide consultants with a variety of functions that they can combine and combine.

The new app will also be an important distribution point for InvestCloud’s wealth management and financial products. “By integrating NaviPlan with our digital warehouse, manufacturers – asset managers – who publish products in our financial supermarket can distribute them through a digital app,” said Trousdale. “Likewise, people on the asset side of the sales side will be able to reach and access more financial products than if they hadn’t bought InvestCloud Advicent.”

In this way, InvestCloud’s stated approach is similar, but not identical, to Envestnet after the latter bought MoneyGuidePro’s parent company, PIEtech, for about $ 500 million in 2019.

While Envestnet has chosen to deconstruct its financial planning acquisition and focus on “stealth planning” through a feature called MyBlocks and financial planning work items in the sale of insurance and credit products, InvestCloud keeps NaviPlan’s core functionality as a separate module, the Can be purchased alone or with other functions offered by InvestCloud. However, like Envestnet, InvestCloud sees the potential of financial planning as a product distribution mechanism rather than just a tool for planning a customer’s future.

But planning tools can only go so far in that direction, said William Trout, director of wealth management at Javelin Strategy & Research. “The product has always been the means to achieve the goals set in the plan. However, I don’t see financial planning software being repurposed for product delivery purposes in general. The associated integration effort tends to put a strain on the planning platforms that are staffed and relatively poor in resources. “

Although InvestCloud has the firepower to “increase distribution,” he noted, it is more likely that it is “built on advice.” [its] operational / digital and investment management functions that are already quite robust. ”Even before buying Advicent, InvestCloud had planning technology, namely RetireUp and AdviceAmerica, which it bought when purchasing Tegra118. The combination of this technology with NaviPlan gives InvestCloud “customer service functions that are really from cradle to grave”.

“[I’m] impressed to see how InvestCloud has struggled to the top of a consolidating platform stack, “he added.

InvestCloud is committed to eliminating “point solutions,” Trousdale said. Financial planning must cover “the full spectrum of wealth,” from business planning to retail clients to ultra-high net worth, he said.

With the company’s annual conference scheduled for October, InvestCloud will provide updates on its Np app and the status of its NaviPlans at that time, Trousdale said.

The Considerations for Gifting from Canadian Families with Very High Wealth

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While the list is not exhaustive, some of these other questions asked by very high net worth clients address the equally important, challenging, and sometimes overlooked question of how financial assistance can be provided in a way that will be accepted and accepted as that Present realized that it should be.

Although the term “gifting” is often positively connoted, financial gifting is not without the potential for unintended negative consequences. With the status of “self-made” or “first generation wealth” of most very wealthy families comes an understanding of the great joy that comes with creating it yourself. They shy away from taking the incentive to work and do not want to inadvertently withhold the life experiences that were crucial to their success from their children or other relatives. Mishandled, gift giving can also contribute to financial dependency, a sense of entitlement, a lack of appreciation of the true value of a dollar, or the naturalness of the blood, sweat, and tears that created family wealth.

Giving gifts can undoubtedly make it financially easier for the family members receiving the gifts, but “having it easy” often does not reflect the work ethic, principles, and values ​​of these wealthy families. This is not to say that financial gifts should not be given or, if they do, should have negative consequences. Instead, I want to emphasize that the act of financial gift giving can be the easier part compared to the emotional, relational, and psychological aspects of gift giving, which are often the much more important, yet overlooked, elements of gift giving.

Warren Buffet famously said that the perfect amount to leave children is “enough money to make them feel like they can do anything, but not so much that they can’t do anything”. Although Buffet talks about how much he will leave his children with, how much to give to his children in their lifetime, this has similar considerations and is often a more pressing matter. Although Buffet speaks of a purely financial legacy, parents as every parent know that there are many other elements they can bestow on their children. It is necessary to consciously spend your time and energy determining the money that you will leave or give to your children. However, the greatest gifts to the family are often not those measured in dollars and cents, but those of the time. It is also necessary to spend time discussing, determining, and documenting the values ​​and beliefs that you convey to your children and sharing the lessons and knowledge that underlie them.

Most organizations today have a mission statement. While there are necessary differences between running a family and running an organization, this practice is relevant and beneficial to both. Indeed, the creation of a family mission statement is recommended. Working with a counselor enables a family to clarify and document things like their values ​​and beliefs, what they would like to achieve together, how they will work towards what is important to them, and how they will recognize when they do meet success in these areas. Passing on this knowledge is often thought of as a one-way street – from the older generation to the younger. However, it is crucial to include the younger generations in this conversation. For intergenerational success it is necessary to determine the beliefs, values, purpose and most important things for the future stewards of the family.

How to Work While Feeding Social Security

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Tyler Olson / Shutterstock.com

Editor’s note: This story originally appeared on The Penny Hoarder.

“Retirement”, as it is simply said, brings a lot of weight and baggage with it.

Now that retirement is on your mind and you’re thinking of quitting your job, ask yourself:

  • Will my retirement income and social security cover my preferred lifestyle?
  • What do I do with myself every day?

One answer answers both questions. You can retire, collect social security, still work and be productive. The trick is that there is a limit to how much you can make based on your age.

When you reach full retirement age, you can get and keep your full Social Security benefits and make as much money as you want.

If you have not reached full retirement age but are receiving Social Security benefits, you can earn up to $ 18,960 per year with no penalty. That’s $ 1,580 a month or $ 364 a week.

We’ll go into more detail later in this post about what happens if you go over this amount and some part-time jobs that might be a good fit during this time.

How to Work and Earn Social Security

A senior executive checks his laptop
StockLite / Shutterstock.com

So let’s dive into the details of how you can work and collect social security contributions during your retirement. And then let’s look at some types of work that you can do in retirement for extra income.

There is no such thing as “officially retired”. There is neither a legal definition nor a legal name.

One day you just don’t make up your mind about the job or area to which you dedicated the first 30 or 40 years of your professional life. This often coincides with your 65th birthday, when you qualify for Medicare.

However, you can start receiving social benefits before the age of 65, starting at 62.

Full retirement age

Monkey Business Pictures / Shutterstock.com

The Social Security Administration website is clear and precise about making money by receiving benefits, but here’s what you need to know:

Your full retirement age: If you were born between January 2, 1959 and January 1, 1960, your full retirement age for pension insurance is 66 years and 10 months.

The full retirement age is reduced by two months earlier each year. Born in 1958, 66 years and 8 months. Born in 1957, 66 years and 6 months and so on.

If you were born after the 1959 date, your full retirement age is 67. If you were born between 1943 and 1952, your full retirement age is 66.

The government changed the rules on full retirement age because people are living longer.

This is important! When you reach full retirement age and have a job, no matter how much you earn, you can keep all of your Social Security benefits.

Salary restrictions

older couple saves money
Rob Marmion / Shutterstock.com

If you have not reached full retirement age but are receiving Social Security benefits, you can earn up to $ 18,960 per year with no penalty. That’s $ 1,580 a month or $ 364 a week.

As you earn more, your benefits will be reduced by $ 1 for every $ 2 you earn over the $ 18,960.

But remember: once you reach full retirement age, you will be refunded the money previously deducted from your social security benefits. You never actually lose these funds, they are only withheld from you until you reach that magical age.

Depending on whether you receive a salary while you are employed or whether you are self-employed, there are special rules that differ, however, according to the point in time of the crediting (when you earn the money or when you are paid). The Social Security Administration website can handle these specific issues for you.

Check out these 13 ways to make money you might not have thought of before. And below are some suggestions for part-time jobs that can bring in some extra cash. Maybe they care more about what you want to do than what you’ve done so far.

1. Interior work

Accountant
Dragon Pictures / Shutterstock.com

According to the AARP, accounting is the most popular part-time job for workers over a certain age. That makes sense: it’s not physical, requires patience, and is probably not a popular job with younger people.

And if you’re so inclined to start your own virtual accounting business, you can make up to $ 69 an hour.

2. Health care

Older worker
stockfour / Shutterstock.com

It may be attractive to offer help to those who are already in need, knowing that one day you may need medical help. Older people are encouraged to apply as assistants in nursing homes and hospitals.

Certifications certainly make you more attractive as an employee, but there are jobs specifically for those who want to help but did not originally work in healthcare and do not have licenses or certificates.

There may also be less structured options. If you have a friend or a friend of a friend with an older family member or neighbor who needs help during the day, let them know that you are looking for work. They can offer your services to drive them to doctor’s appointments, prepare lunch, or just keep company for a few hours.

3. Work with children

An elderly man gestures with his index finger
VGstockstudio / Shutterstock.com

Safety and welfare are a top priority for school administrators and offer several positions for older people interested in part-time work.

While “transitional watch” may come to mind first, schools, colleges, and universities need staff to provide some level of security during special events, and older people, who may have grandchildren of their own, have built-in radar for wellbeing of the children.

4. Working outdoors

Exercise for older women
Monkey Business Pictures / Shutterstock.com

Your city or county recreation services or parks department may have work for you. If there is a forest authority in your area, contact them.

From cleaning parks to walking through wooded areas in search of environmental issues (fallen trees, unexpected floods, etc.), it’s not a bad way to pay for a day for a nature walk.

5. Help other seniors

Happy seniors
Rawpixel.com / Shutterstock.com

Many communities have senior centers that offer activities and services. Yes, there are people in senior centers who play bridge, canasta, and chess.

However, senior centers are also one of the first stop for employers when looking for people to fill paid positions that require attendance and attention. View your local senior center as a resource for finding a position that suits your interests.

Disclosure: The information you read here is always objective. However, sometimes we get compensation for clicking links in our stories.