Headlines
Social Security, AGI, and income taxes
Do I pay taxes on my Social Security income? You will pay federal income tax if your adjusted gross income is at certain thresholds. The IRS defines Adjusted Gross Income (AGI) as gross income minus adjustments to income. Gross income…
More than 1 million are waiting for their Social Security Disability determination
During last week’s House Ways and Means Social Security subcommittee meeting, it revealed that more than 1 million individuals are waiting for Social Security to process their initial disability claim. Rep. Drew Ferguson, R-GA., chair of the House Ways and…
The American Academy of Actuaries are urging Congress to act now
The American Academy of Actuaries has issued a new brief urging Congress to act sooner than later to stop the automatic 20 percent cut to individuals already receiving Social Security benefits. They warned if Congress does not come up with…
Social Security benefits and what may happen in the worst-case scenario
You hear people talking about how Social Security will not be there for them when they retire, even when waiting in line for a table in a restaurant. It is good that people are talking about and aware of the…
Are you overlooking a Roth IRA?
While retirement planning is different for everyone, there is one fundamental aspect that consistently factors into all plans: retirement savings. Although less than 25 percent of employees use an employer-sponsor 401(k) plan, if you are looking for a different retirement…
Original Medicare vs. Medicare Advantage
The annual “Open Enrollment Period” is well underway – a time when most seniors age 65 and over should evaluate whether their current healthcare coverage is adequate to meet their healthcare needs. This is the time when eligible seniors can…
About Social Security’s Future
As we move forward into the 2024 federal election cycle, you can expect to hear a lot of rhetoric about Social Security reform, including promises not to touch it. As most probably know by now, the Trustees of Social Security…
The 2024 Cost of Living Adjustment (COLA)
It’s that time of the year again – the time when the Federal Government announces how much of a bump everyone will get to their Social Security payment – and with it comes the usual cries of how the Cost…
The Downside of Claiming Social Security at 62
Fact is, most of those who claim Social Security do so as soon as they become eligible for benefits at age 62. Another fact – that is usually the worst possible time for them to do so! Although there certainly…
Debunking the Rumor of Social Security’s Impending Demise
Mainstream media is consistent in many ways, with many of the more prevalent headlines suggesting that Social Security is destined to vaporize about a decade from now. Most folks who have paid attention understand the fallacy in this suggestion, but…