The student debt crisis is completely out of hand.  It has become one of America’s biggest financial mistakes not only topping $1.3 trillion, but growing more than $2,000 every second.  This is leaving millions with crippling debt that will follow them for decades to come.  How did we get here? 

We all have financial goals, and one of the most common goals for parents is paying for their son or daughter’s college education.  Although admirable, when someone wants to help foot the bill you can’t, and shouldn’t if you are putting aside your own retirement plans. CollegeCalc, says the average public university in Michigan will cost between $8,000-$12,000 dollars per year which is just for tuition. That doesn’t include the high interest rates backed by the government or any of the extra costs that come with higher education.

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For the first time in its history, changes being made to Social Security law will actually eliminate benefits currently being received by spouses, divorced spouses or children on the work record of a spouse, ex-spouse or parent who has taken advantage of the long used File and Suspend strategy. Those Social Security benefits will only continue when the worker restarts his/her retirement benefit.

This one change alone will cost millions of households tens of thousands of dollars by forcing those who have suspended their benefits in order to collect higher benefits at age 70 to restart their benefits at permanently lower levels. Most will have to do this in order to maintain their family’s living standards.

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Some married and divorced couples may face retirement feeling a little less secure in light of some pending changes to Social Security. Congress is fiddling with eliminating two strategies that have been employed for decades that will have a significant effect on couples at or nearing retirement age.

File and Suspend

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