Here’s a breakdown of the Social Security changes for married couples- Nicole Goodkind

After working and paying into Social Security for 40 years retirees can expect to get a check from the government each month. But for some married couples those checks are about to get smaller.

That’s because the Social Security maneuver called “file and suspend” has been banned for those born after April 30, 1950. Another move known as “restricted filing” has also ended for those under the age of 62 as of January 2, 2016.

Congress viewed these popular claiming strategies as a financial drain that largely benefited wealthy couples who could afford to put off collecting Social Security and moved to prohibit them last year through provisions in the Bipartisan Budget Act of 2015.

The disappearance of these two tactics — made official in May – could cost Americans hundreds of millions of dollars.

File and suspend, also known as voluntary suspension, was a strategy geared to married couples. Upon retirement, one spouse would register for Social Security and then immediately ask to suspend their payments. The other spouse would then become eligible for a “spousal benefit” which is half of the original benefit. Meanwhile, the suspended Social Security benefit would continue to grow at 8% each year until the first spouse turned 70.

That 8% adds up, If the couple delayed starting their benefits from age 66 to 70 they could increase their payout by 32% each year.

The 2015 legislation also eliminated “restricted filing,” for those under the age of 62 as of January 2016. This type of filing was meant for couples where both spouses qualify for their own benefits. This move allowed one partner to file for his or her Social Security and the other to live off of the spousal benefits that came along with it, delaying the second partner’s own benefit to a later date. Now, when one partner has filed for Social Security the other has no choice but to receive their own payout (or a spousal payout if larger) – in other words, the option to delay while receiving spousal benefits is eliminated.

So what are the options for couples who had planned on using these tactics to maximize their Social Security payout?

You can still grow your benefits by deferring your payout. Social Security grows by 8% each deferred year between your full retirement age (typically between 66 and 67) and 70. That means a $1,000 check at 66 could be worth $1,320 at 70 if you defer payment for those four years, says Jim Blankenship of Blankenship Financial Planning.

Deferring payment also continues to maximize the Social Security survivor benefit for spouses.

“If you claim at the earliest age of 62, you’re getting a reduction of 25%,” says Jean Setzfand, VP of Financial Security at AARP. “But if you wait until the maximum benefit of 70, that’s 32% higher. That’s a huge difference for someone who may be relying entirely on their social security income.”

Of course, these rule changes are a great excuse to take another look at your retirement plan and make the appropriate adjustments.

Culled from yahoo finance

6 ways to teach your kids the most important lessons about money-Jeanie Ahn

Our children learn how to read and write in school, but teaching them about money is on you. Kids as early as age 3 can understand the basic concepts of spending and saving. Here are some fun ways to teach them how to be financially savvy.

#1 The dime challenge

How much do you think you’ll save by filling up a two-liter soda bottles with dimes? Depending on how the coins fall into the bottle, you should end up with between $500 and $700. It’s a fun way to teach them about the value of coins and shows them how to set goals and save for something special. In our family, we’re saving dimes for Disney World.

#2 Give them interest payments on their savings

To encourage your kids to keep their allowance in their piggy banks – instead of spending at least $20 on the latest Lego set –  give them interest on what they’re saving. A maximum of 5% should suffice, if you can afford it. Not only will this teach your children the concept of earning interest, but it will encourage them to control their impulses to spend.

#3 Use cooking to teach them how to shop on a budget

Planning meals and shopping for ingredients at a grocery store is a hands-on way to talk to your kids about how to shop smart and eat healthy. When you’re in the store, make it a game to see who can find the best prices for the items on your list.

On the nights you treat yourselves by dining out, make it a point to compare the prices of the dishes on the menu to remind them of how much it can save to eat at home.

#4 Have a no-money day

Get everyone to find fun ways to spend the entire day without spending a penny. For meals, find online recipes based on what you already have in your pantry, and for family activities, look for free events in your neighborhood. Most communities have online forums or Facebook groups with local events, so bookmark your favorite sites or subscribe to them for the latest.

#5 Clear the clutter

Research has found that kids who have fewer toys exhibit more creativity, take better care of their belongings, and enjoy reading and writing more than kids who have too many things to play with. So sell or donate toys they don’t play with anymore. It teaches them how to let go and encourage them to find ways to entertain themselves with less.

If you have doting grandparents who love bringing over new knick-knacks, try this to discourage them: whenever they bring over a new toy, pack a bag of older toys and ask them to store it in their home.

#6 Read with them about money

As soon as your kids can count, you can start teaching them about the value of money. One of our family’s favorite books about counting coins is “A Dollar for Penny” by Julie Glass. And we’re teaching our toddler son about spending and saving with “Rock, Brock and the Savings Shock” by former FDIC chair Sheila Bair. Some good reads for elementary school students are “Dr. Seuss’ One Cent, Two Cents, Old Cent, New Cent” and “How to turn $100 into $1,000,000.”

What are some ways you’re teaching your kids how to save? Using the hashtag #WAYSTOSAVE, share them with us on Twitter, Facebook, or email them to us and we’ll feature some of your best tips at the end of the month and share them with our viewers.

The 25 highest-paying jobs in America- Marguerite Ward

If you want to earn the big bucks, you may want to consider practicing medicine or law.
According to a recent report by Glassdoor, doctors and lawyers are still the nation's top-earning professionals.
To compile its list of the highest-paying jobs in America in 2016, the job search site analyzed anonymous salary reports from its users.
For a job to make the list, there had to be at least 75 reports on that job submitted over the past year. C-level jobs were excluded from the report.
Here are the 25 best-paying jobs, according to Glassdoor:
Median base salary: $180,000
Not only is this the top-paying job in the U.S., employment for medical doctors is projected to grow 14 percent from 2014 to 2024, twice as fast as the average for all occupations, according to the Bureau of Labor Statistics.
Median base salary: $144,500

While pay can vary depending on what type of law you practice, the median salary is high enough to make lawyer the second best-paying job in America. What's more, Glassdoor's job listing page shows more than 9,000 openings for this job.
Median base salary: $142,120

Research and development managers have a variety of roles that depend on the employer, from improving product design and leading new partnerships to overseeing staff.
Median base salary: $132,000

Software development managers develop and oversee the systems behind computer programs. The outlook for this job is bright; it's expected to grow 17 percent from 2014 to 2024.
Median base salary: $130,000

This managerial position usually requires years of experience in addition to a doctoral degree, which all pharmacists are required to have.
Median base salary: $130,000

Strategy managers often oversee a company's plans to develop partnerships, drive growth and launch new profit-driving initiatives. A bachelor's degree is required, and some employers also require a master's, Glassdoor's listings showed.
Median base salary: $128,250

Software architects create computer programs and communicate technical plans to company leaders. A bachelor of science degree is usually required.
Median base salary: $127,500

Integrated circuit designer engineers provide electrical design and development support and solve technical hardware problems. Most have a B.S. or Master of Science degree in electrical engineering.
Median base salary: $120,000

Information technology managers make sure that all of their company's equipment, software and networks operate smoothly, and they execute the IT goals of the organization. IT managers usually have a bachelor's degree in the field along with various technical skills.
Median base salary: $120,000

Solutions architects lead or help in the design of products and projects, but are also heavily involved in the technical side of creating them. Education requirements vary, ranging from a bachelor's degree in computer systems or information systems to a master's in engineering or marketing.
Median base salary: $120,000

Engagement managers are responsible for client relationships. The role requires skills in marketing and project management. Software or technical skills can be useful.
Median base salary: $120,000
These managers oversee and improve internal systems and software. A bachelor's degree and several years of experience in the field is required.
Median base salary: $118,000

Pharmacists are well-paid but can have long hours and may have to work weekend shifts. They must have a doctoral degree to practice.

Median base salary: $116,920

These architects build and maintain a company's databases, software and system coding. A bachelor's or master's degree in engineering, computer science or a related field is required.

Median base salary: $115,000

Finance managers "produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization," according to the BLS. They usually have five or more years of experience in finance, accounting or a related field, in addition to a bachelor's degree.
Median base salary: $115,000

Computer and data research scientists solve complex problems in computing. Employment for this job is projected to grow 11 percent from 2014 to 2024, which is faster than the average.

Median base salary: $115,000

Risk managers deal with insurance, liability and legal compliance. The job's function and education requirements vary greatly, depending on the industry.
Median base salary: $115,000

Creative directors execute new marketing initiatives for a company, leading branding and design. The job requirements vary, but a track record in leadership helps.
Median base salary: $115,000

Actuaries analyze financial risk and uncertainty. Employment of actuaries is expected to grow a whopping 18 percent from 2014 to 2024, the BLS says.
Median base salary: $113,000

Data architects create information and technology road maps for a company. The position typically requires technical skills and/or a B.S. in computer science or information systems.
Median base salary: $110,000

Tax managers prepare federal and state income tax returns for individuals and businesses. An undergraduate or graduate degree in accounting is required.
Median base salary: $107,000

These managers are key to an organization's product development team, helping to ensure new products are delivered on time. Glassdoor reports more than 7,000 open positions for this job.

Median base salary: $106,500

Design managers are in charge of envisioning and executing a customer or client's experience with a company. The duties vary widely across industries.
Median base salary: $106,000

This job requires strengths in statistics and data analysis. Glassdoor reports thousands of job openings for this position.
Median base salary: $106,000

This role, while similar to that of an information technology manager, is broader in terms of responsibilities. Information systems managers oversee information however it's organized.

Culled from CNBC