Headlines
Taxing Your Benefits: Another Inflation Driver for Seniors
It often comes as a nasty surprise for those new to Social Security…the fact that the monthly benefit they earned through a lifetime of work and paying FICA taxes is now subject to another level of tax: Federal Income Tax.…
Social Security 2022 Trustees Report
The Social Security Board of Trustees released its annual report on the financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected…
Is inflation causing you to delay your retirement?
The BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. A recent survey found that one-quarter of Americans will delay their retirement due to inflation. Also,…
Avoid becoming a victim of identity theft
The Federal Trade Commission’s Consumer Sentinel Network took in over 1.4 million reports of identity theft in 2021. Is there a way to evade becoming a victim of identity theft? No. According to cybercrime expert John Wilson, there are no…
Calculating tax on Social Security
Many Social Security recipients are surprised and angry every April when they find out they owe taxes on their Social Security benefits. Why? According to current tax law, up to 85 percent of Social Security benefits are included in taxable…
Memorial Day – A Day to Remember
Memorial Day 2022 is set to see more picnics, barbeques, and social gatherings. But let’s not forget the day is set aside to remember the many Americans who have lost their lives in military service to our country. Throughout our nation’s history,…
Pandering on Social Security Unhelpful to its Financial Problems
Proposals by Democrats are aplenty each congressional session promising enhanced Social Security benefits, whether as cost of living adjustments, one-time payments, or permanent minimum benefit increases. The problem with nearly all, which are intentionally written to be enticing to the…
Creating Disposable Income beyond Social Security in Retirement
Social Security in one’s golden years will only replace about 40 percent of pre-retirement income. As is often the case, it is humbling for retirees to learn the standard of living they were used can be no more. But John…
$1.1 Million: That’s What Must Be Saved to Retire Comfortably
This piece by Yahoo Finance analyzes the Schroders U.S. Retirement survey of 1,000 investors age 45 to 75 conducted earlier in 2022. Working Americans say on average it will take $1.1 million in savings to retire comfortably, but 56% say…
Side hustles are a good complement to Social Security
Work at home opportunities, Uber, and Airbnb have been part of America’s lexicon for years now. Ridesharing and homesharing are providing extra income for lots of people, including many retirees. Since Social Security replaces only about 40% of pre-retirement income,…