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Happy Veterans Day!
This Veterans Day we proudly celebrate the service of all U.S. military veterans. The holiday differs from Memorial Day, where we honor those who have died while in military service, and Armed Forces Day, where we honor those currently serving in the U.S. military. Veterans Day began…
“What is Social Security?”
Understanding even the most basic elements of the national Social Security program is an elusive goal for many who will ultimately rely on the program for security in their later years. So, an article which clearly explains the history and…
Some states tax Social Security income. Here’s a run down.
Where you live in retirement could affect whether your Social Security benefits, already subject to Federal Income Tax, will also be taxed by your State of residence. Seven states have no income tax at all on earnings, 2 states tax…
The Windfall Elimination Provision (WEP), explained
Social Security’s Windfall Elimination Provision, also know as “WEP,” is the bane of many who have earned SS benefits, but who also retired from employment which did not participate in the Federal Social Security program. About 27 U.S. States and…
Do you know your “Break-even age?”
For those contemplating when to claim their Social Security benefit, it is very helpful to know their so-called “break-even age” – that is, the age at which they’ll collect the same amount of cumulative benefits by claiming at one (later)…
Claiming SS early and investing it, vs. delaying for higher benefit
Many who look to claim benefits want to maximize the amount of money they will receive from Social Security over their lifetime, and the usual way to do that is to delay claiming as long as possible (not later than age…
Time to Rescue United States’ Trusts or TRUST, Act
The Social Security Old-Age and Survivors Insurance, Social Security Disability Insurance, Medicare Hospital Insurance and Highway Trust Fund are in trouble and if nothing changes, the programs’ trust funds are expected to be depleted in the next 13 years. A…
Social Security benefits won’t go as far as you think they will
Although Social Security is an important program that many seniors rely on, planning to live on those benefits alone is not a good idea. The sooner you realize this, the sooner you can take savings matters into your own hands…
Retirement plan participant loans most occur among the financially vulnerable undermining their retirement security
According to a recent study by Custodia Financial, retirement plan participant loans occur most frequently among the financially vulnerable. The number one reason cited for taking plan loans is simply to make ends meet, followed by paying off credit card…
Most Americans make the wrong decisions about claiming Social Security benefits
According to a study released from the financial services firm United Income, about 96 percent of Americans made less-than-optimum decisions about when to begin Social Security benefits. The study also found that the average retiree gave up more than $100,000 of lifetime…