Headlines
Can we shore up Social Security and grow the economy?
By 2035, the Social Security trust funds will be exhausted, automatically triggering a 20 to 25 percent across-the-board benefit cut under current law. A thoughtful Social Security reform plan must be in line not only to prevent insolvency but go…
Avoid fraud – create your “My Social Security” online account now
Social Security is moving inexorably to more use of online capabilities to provide services to beneficiaries, and a key part of that initiative is to allow you to create a “My Social Security” online account to give you access to all…
Dispelling Social Security myths
Sometimes, myths about Social Security take on a life of their own. Proving that if you say something enough times people will believe it, so many misconceptions about Social Security exist that it seems hard to count them. But in…
Paying Income Taxes on Social Security Benefits
As the old adage goes, “nothing is certain but death and taxes” and that includes income taxes on your Social Security benefits. While it is a cause for great consternation, and even anger, among those who receive Social Security, it…
The case for waiting to claim Social Security
Choosing when to claim one’s Social Security benefit is one of the most important financial decisions most people will make and, shockingly, many people make that decision with little or no knowledge of how the age you claim affects the…
Waiting for official announcement on COLA, but the prediction is…
In October, the Social Security Administration is expected to officially announce its cost-of-living adjustment (COLA). The adjustment is calculated based on data by the Bureau of Labor Statistics using the Consumer Price Index for Urban Wage Earners and Clerical Workers,…
Did you know your age at filing will affect your monthly Social Security benefit?
Social Security benefits represent about one-third of all the income of elderly Americans, with 48 percent of married couples and 69 percent of unmarried persons relying on them for at least 50 percent of their household income in retirement. Since…
How to plan for the possibility that you may not be able to work as long as you want
According to a new survey from NerdWallet, today’s retirees stopped working at age 59 on average. Some of those individuals, 36 percent, did not plan to retire early they were forced to either because of their health or job loss.…
Claiming Social Security based on breakeven calculations
Most financial experts will tell you not to start your Social Security retirement benefits at age 62; instead let your benefits grow. Many individuals have a difficult time taking that advice. They argue that putting off those earned benefits will…
Making this Social Security mistake could be costing you thousands of dollars
After paying into Social Security throughout your working life understandably you cannot wait to start getting money back from the program. However, too many people rush to sign up for benefits as soon as they turn 62 without considering the…