time travels through coin collectionstime travels through coin collections


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time travels through coin collections

I never really understood the hobby of coin collecting until I was going through my grandfather's things after he passed away. When I came across his coin collections, I quickly began to see coins in a whole new way. Not only did he collect the coins, but he inserted a short description of when he obtained the coins. For each of his kids' births and his grandchildren's births, he collected a new coin. Coins are not only monetarily valuable, they tell the story of time. I have learned as much as I can about each coin in my grandfather's collection so that others can follow the story of time as it is expressed through collecting coins.

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Getting Ready To Collect Social Security Or A Pension? Choosing Monthly Payments Or A Lump Sum

Have you ever wished that you could receive a lump sum instead of monthly checks? What some people don't realize is, there are a few different types of programs that have a lump sum option including Social Security and pensions. Although it may sound amazing to get all of your money and not have to worry about waiting for a check ever again, it's not ideal for everyone. If you're going to receive Social Security or a pension soon, here you need to think hard about whether monthly payments or a lump sum is ideal for you.

Social Security

Social Security has a lump sum payment option. Other than the program being briefly mentioned in the Wall Street Journal, it's not discussed regularly. When a 90-year-old WWII veteran read about the program, he went to the Social Security office to find out more about it.

After the office didn't understand what he was talking about, he called his local news and they did the investigating for him. It turns out, the lump sum option is a little tricky, but if you know what to do, it can be done.

Anyone who is at full retirement age (66) is eligible for the program. Once you're 66, you apply for Social Security, but defer the payments immediately. You'll have to wait at least a year, so you'll have to be able to live for a year without your Social Security payments. Once the year is over, call social security and ask for your benefit payout.

For some people, the lump sum payment option may be beneficial, for others, it's not ideal. For starters, you only receive a lump sum for the deferred time. If you defer $1,500 per month for a year, you'll receive a payment of $18,000. If you need the money to live off of, struggling for a year wouldn't be the best decision.

However, some people like to have complete control over their money. It's also a good idea if you don't necessarily need the checks. If you aren't great at saving money, you can defer the payments until an emergency arises, get your lump sum, and have money available.

Pension

Your pension is another payment with a lump sum option. Before grabbing your wad of cash, you need to decide what's best for your family. If you're a seasoned investor, taking the lump sum may be the best option. You can invest the majority of your money, allowing it double or more. You can invest for your grandkids over a long period and completely pay for their colleges with just a portion of your pension payment.

Another reason you may want a lump sum payment is if your life expectancy is short and your pension doesn't continue after death. If illness or family history suggests you don't have a lot of years left, you will end up with more money by collecting your lump sum. Instead of the checks stopping for your family, you'll have plenty left over for them to live off of for a while.

Maybe you aren't a big investor, you are as healthy plant in springtime, or your pension continues after your death. Managing your lump sum may not be the best decision. It's easy to spend too much when you have a lot to work with, leaving you without much left to live off of. You need to take a good look at yourself and know if you have remarkable self-control. If you think there is the slightest possibility that you could overspend and be left in the poorhouse, you should take the monthly payments.

Whether you're collecting social security or a pension soon, you need to understand all of your options. Making a rash decision is irreversible and the mistake could leave you without a penny to your name. Decide what's best for your family and manage your money wisely.