By Harry S. Margolis

If you are in your 60s, you have some major decisions to make concerning when you begin taking Social Security which can impact your lifetime benefit level and that of your spouse, if any. The longer you postpone receiving benefits up until age 70, the higher your monthly payment will be for the rest of your life. But you may have to live a long time to make up for the years of benefits you will have missed by waiting until age 70.

A colleague who advises clients on these issues recently related a story of how important these choices can be (with some of the facts changed to protect the innocent, and not so innocent). It's also a cautionary tale for lawyers who might advise in areas where they don't know what they don't know.

Five leading elder law attorneys have created theTrump Policy Analysis Group (TPAG)[1] to consider probable changes in law that will affect older Americans and those with special needs.  Initially TPAG will focus on entitlements, public benefits, tax, special needs planning, and veterans’ benefits.

TPAG Members and Experience

Michael Gilfix of Palo Alto, California, A. Frank Johns of Greensboro, North Carolina, Harry S. Margolis of Boston, Tim Nay of Portland, Oregon, and Vincent J. Russo of Long Beach, New York, together have over 160 years experience advising individuals and families and Social Security, Medicare, Medicaid, tax, long-term care, veterans’ benefits, and special needs planning.  They are established authors, speakers, and experts and include founders and leaders of national organizations, including the National Academy of Elder Law Attorneys, addressing the needs of aging and vulnerable populations.

Following is their initial analysis.

By Harry S. Margolis

The election of Donald Trump along with Republican control of both houses of Congress undoubtedly will impact tax and benefit laws that affect citizens in their personal lives and in their estate and long-term care planning. The question is how? We can't answer for certain since during his campaign the president-elect stayed away from specific policy proposals. But there's still a lot we can glean both from what he has said and from Republican policies, especially those of Speaker of the House Paul Ryan. On the domestic front, Ryan appears much more radical than Trump in many ways.

By Harry S. Margolis

One of our clients recently brought to our attention a Social Security benefit that was news to us. He and his wife care for their adult daughter with a disability in their home. Our client retired and began receiving Social Security benefits. As a result, his daughter was able to drop her Supplemental Security Income and switch over to Social Security Disability Income (SSDI), a much better benefit for a number of reasons.

By Harry S. Margolis

Baby boomers, those born between 1946 and 1964, aged now between 51 and 69, are retiring in droves, 10,000 a day by one measure, and will continue to do so for the next two decades. Unfortunately, neither they nor our national economy can afford this. The economy needs skilled and experienced workers, even if some may not be totally up-to-speed on the latest social media phenomena. And few baby boomers have sufficient savings to see themselves through a long retirement. Those savings are more important than ever since very few baby boomer retirees will have pensions.

By Harry S. Margolis

The first issue of a new UBS publication, Your Wealth & Life, focuses on "Navigating longevity," or how to make sure your savings and investments last as long as you do. This is especially important as our odds of living long -- and long after retirement -- increase. Half of today's 65-year-olds will live to 85 or older; women have almost a one in three chance of living to age 90; and for a couple there's a 50% chance that one of the spouses will live to age 90 or beyond.