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Universal Basic Income Cited in Heritage Foundation Report
A February 14 report posted by Heritage Foundation’s Robert Rector and Mimi Teixeira provides an analysis of the Universal Basic Income (UBI) concept re-emerging in conceptual discussions. Citing the UBI concept’s implicit elimination of Social Security as a protective measure for the…
Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds
The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed. Following…
Retirement Savings and Defined Contribution Plans: A Fix is Needed
One of the more frequently reported retirement planning issues is what many perceive to be a critical shortfall in savings among future retirees. Time.com’s Money page, for example, not too long ago reported that a third of Americans have accumulated…
The “How Much Money Do I Need for Retirement” Conumdrum
In some respects, it’s like the chicken-and-egg riddle. Figuring out how much you’ll need for a sustainable retirement hinges on how much you’ll spend, and the task is so daunting that, according to a study by Age Wave/Merrill Lynch, eight in ten…
Some disturbing facts about Social Security
It’s a given that Social Security is a critically important program upon which a multitude of Americans rely to keep them financially secure and, indeed for many, above the poverty line. But given the importance of this program, it’s quite disturbing that…
Filed for Social Security too early? Here’s what to do
By far the majority of seniors file for their Social Security benefits well before what’s known as their “full retirement age,” when they’ll get 100% of the benefit they’ve earned from a lifetime of working. Either from simple “buyers remorse”…
Protecting your online Social Security identity
There’s little question that for the computer proficient, creating an online Social Security account is a great way to give you access to all of your Social Security information. And for those who have not yet claimed their benefits, online is…
Will working a few more years boost your Social Security payments?
For countless seniors depending on Social Security to provide a large chunk of their monthly income, it pays to take steps to increase those benefits. Generally speaking, working a few more years might boost your Social Security payments, but that’s…
Should you claim Social Security at 62?
62 is by far the most popular age to file for Social Security benefits, even though those benefits will be significantly reduced by claiming at that age. The simple rule is: the longer you wait, the more your benefit will…
Taxing Social Security benefits: Where you live makes a difference
Many people already receiving Social Security benefits are painfully aware that the Federal Government may levy income tax on a portion of your benefits, as much as 85% of your benefits depending upon your annual “combined income”. But if you…