Ask Doc

On Your Mind... Tilapia, Property Taxes, and the Brexit

We're no strangers to controversy here at Retirement Millionaire Daily.

But we were shocked at the feedback we got this week.

On Wednesday, we talked about the dangers of mercury in fish. And we got an overwhelming amount of feedback... about tilapia... and why we included it in our list of recommended fish.

Tilapia is the third most popular fish in the U.S., according to the National Oceanic and Atmospheric Administration. It's also cheap... At a local grocery store here Baltimore, we saw tilapia selling for about $4 per pound, compared with $10 for a pound of salmon.

A 4-ounce serving of salmon does contain more omega-3s than a similar-sized tilapia filet – around 1,000 milligrams and 200 milligrams, respectively. If you're looking for a healthier fish, salmon beats tilapia. But we realize not everyone can afford salmon and tilapia is a popular choice for Americans.

Despite the tilapia controversy, we hope readers took away our main point: Be aware of the amount of mercury in the fish you're eating. Avoid fish with high levels of mercury, but don't let mercury stop you from eating fish and enjoying the health benefits.

Now, let's take a look at this week's Q&A...

Q: In his article on best places to live in retirement, Dr. Eifrig lists average property taxes for various priced homes in various regions. I am wondering what is considered property tax in your research.

In my area the property tax is comprised of three components: the township real estate tax for the township where my home is located, the county real estate tax for the county in which my home (and township) are located, and the school property tax for the school district in which my home is located.

These three "property" taxes total nearly $4,000 per year on my home assessed at around $150,000 which exceeds the taxes which you list on homes valued at twice as much.

A: Move, and move soon. It won't get better.

Q: I always enjoy reading your comments and notes and strategies that you bring forth in your daily writing. My question would be how you came up with the figure of someone getting $66,000 a year from SS and their spouse receiving $33,000 a year.

I understand the file and suspend strategy but according to the Social Security people the maximum a person can get is around $2700 a month if they maxed out the contributions in their 35-year work record and retire at full retirement age. I know it will go up by approximately $225 a year until the person reaches 70 years of age. Am I wrong or are you all? Thanks as always for any more info. – J.V.

A: Thanks for catching this, J.V.

The average monthly payout for Social Security is $1,335 a month. That means you'd get $16,020 a year. Your spouse is eligible to collect half of that, bringing your combined income to $24,030 a year.

But if you collect the max, as J.V. suggested, it would be $2,639 a month, or $31,668 a year. With spousal benefits, that would be $15,834.

And as you pointed out, every month you suspend your benefits, your payment increases by two-thirds of a percent. Look at the increases for the average payout of $1,335...

Payout Based on Age You Start Collecting
66 67 68 69 70
$1,335.00 $1,441.80 $1,548.60 $1,655.40 $1,762.20

At age 70, that's an extra $427.20 in your pocket every month... or $5,126.40 per year.

Delaying benefits certainly boosts your payments. But remember, under the new law, your spouse can no longer collect spousal benefits while you're suspending your own payment.

Social Security laws are tricky and complex. But we've put together a new research report on the changes enacted this year. Retirement Millionaire subscribers can access it right here. If you're not a subscriber, click here to get started.

Q: You've got a typo here, I believe you meant to say "decrease" and not "increase."

"Although the reasons aren't clear, omega-3 fats (from fish as well as other sources) reduce inflammation... which can increase your risk of heart disease, diabetes, and aging. So there are significant health benefits to eating fish." – P.M.

A: Thanks for writing in, P.M. We had a few other subscribers ask us to clarify this sentence. Here's what we should have said:

Although the reasons aren't clear, omega-3 fats (from fish as well as other sources) reduce inflammation. Inflammation increases your risk of heart disease, diabetes, and aging. So there are significant health benefits to eating fish.

[optin_form id="286"]

Q: I keep [my passwords] in a spreadsheet on a USB drive. A hacker cannot get to them unless the drive is plugged in which is a limited amount of time. – R.D.

A: Thanks for the tip! We had several other readers tell us they do this as well. We also received a lot of other suggestions regarding password security that we're sorting through. We'll report back on our findings.

Have a tip you want to share? Send it to us at [email protected].

What We're Reading...