How a bank levy could affect your Social Security benefits

U.S. Census researchers have found that about 14 percent of Americans 65 and older rely on Social Security for 90 percent or more of their income. Given the importance of these funds, private debt collectors cannot garnish them; however, there…

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Old beneficiary forms can override your final wishes

Many Americans assume that their wills or trusts control all aspects of their financial legacy; however, an outdated beneficiary form can override those instructions. Under federal law governing employer-sponsored plans (ERISA), beneficiary designations operate under contract law, which means the…

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The latest 2027 COLA estimates

Social Security’s Cost of Living Adjustment (COLA) is a snapshot comparison of Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) measurements from the previous year’s third quarter to the same period in the current year. Since the…

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Break-even is not the only factor you should consider

You can apply for Social Security benefits as early as age 62. However, you will receive full benefits only when you file for your benefit at your full retirement age. If you delay taking your benefits until age 70, your…

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Social Security’s Full Retirement Age (FRA) 

Once upon a time, there was no mystery about Social Security’s full retirement age – everyone received their full benefit if they claimed at 65 years of age, the age set when the program was first enacted in 1935. But way back in…

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“Ask Rusty – About Social Security’s “First Year Rule” and Withdrawing from SS”

Dear Rusty:  I am 63 years old, and about to apply for my Social Security benefits. I am self-employed but only working part time. I know about Social Security’s annual earnings limit but recently I learned I must also be…

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