Headlines
Will the Next Stimulus Package Hurt Social Security?
As lawmakers in Washington debate if and how to implement another economic stimulus package, one possible feature being considered is to temporarily suspend Social Security and Medicare payroll taxes. While this would mean a bigger take-home paycheck for employees and…
The Pandemic, and Social Security’s and Medicare’s Future
The most recent report by the Trustees of Social Security and Medicare predicted that the Social Security Trust Funds would be facing insolvency in about 2035 and that the Medicare Part A Trust Fund would face the same issue even sooner.…
Waiting Longer to Claim Social Security Is Wise
The economic effects of the pandemic, combined with the seemingly natural temptation to claim Social Security as soon as it is available, may have some seriously contemplating applying for benefits early. But, as pointed out in this article by financial expert…
The Importance of Age When You Claim Social Security
Correctly deciding the age at which you claim Social Security is crucial to the amount of benefit you will receive, and we cannot overly stress that fact. Benefits taken before your full retirement age are reduced by as much as…
People are considering changing their retirement plans
Saving enough for retirement is a source of concern in good times, but these are not good times right now with many individuals unemployed due to the COVID-19 pandemic. In light of this economic downturn, many Americans are considering changing…
SSA still not informing widows/widowers of potential higher benefits
To determine the best strategies for maximizing your Social Security benefits you need to educate yourself on Social Security rules, especially if you’re a widow or widower. The Social Security Administration is supposed to investigate all the types of benefits…
One in five Americans say they’ll delay claiming Social Security
According to the July 2020 Retirement Confidence Index from SimplyWise, 62 percent of Americans said they are more concerned about retirement today than they were in May. People in their 50s, or those closest to retirement age, 70 percent said…
Is a reverse mortgage right for you?
Are you considering a reverse mortgage? If so, you are not alone; applications for reverse mortgages rose 15 percent in March from the previous month as people turned to the loans to avoid using their retirement investments in a down…
Do you still want to retire early?
For the FIRE (Financial Independence, Retire Early) adherents, the pandemic crisis has created an opportunity for many to slow down and reflect about their goals and priorities. The pandemic has helped clarify the viability of your financial plan; this is…
Taxation of Social Security Benefits–Can You Avoid It?
The taxation of Social Security benefits became law way back in 1983, when the program was facing severe financial stress. At that time, up to 50% of a beneficiary’s total Social Security income could be added to their gross income…