Headlines
The clock is ticking for Congress
According to American writer Jack Kornfield, “The trouble is you think you have time.” The reality is we do not. Congress has until 2033 to come to a bipartisan agreement about Social Security, or there will be an automatic cut…
What the five GOP candidates said about raising the retirement age
During the 3rd Republican candidates’ debate, the third rail of American politics – Social Security- was discussed. The difference in the approach of the five attending candidates in solving the Social Security and Medicare insolvency issue was on display. The…
There’s more to consider when deciding to begin your Social Security benefits
Social Security is a primary income source for most people aged 65 and older. Without Social Security benefits, 37.7 percent of older adults would have incomes below the poverty line. Social Security is the cornerstone of many retirees’ income, so…
Women and retirement savings
“Women are more likely to live in poverty in retirement than are men,” according to the Women’s Bureau of the Department of Labor. Statistically, “11.6 percent of women aged 65 or more years live in poverty, compared with 8.8 percent…
Social Security may not be as reliable as it seems.
According to the data from the Social Security Administration, among Social Security beneficiaries age 65 and older, 12 percent of men and 15 percent of women rely on Social Security for 90 percent or more of their income. According to…
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…