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Taxes on Your Social Security Income

Income tax is due on Social Security benefits in many cases, though it is a surprise to many seniors. The Social Security Administration (SSA) estimates that about 56% of beneficiaries will need to pay some amount of taxation on their…

Five Things Gen Z Should Know About Social Security

Generation Z is the demographic cohort succeeding Millennials, born roughly between 1997 and 2012. Ashleigh Ray notes that, while the group is far from retirement, they should know these five things about Social Security: wait to collect it (until age…

A near 11% raise is not out of the question

The non-profit Committee for a Responsible Federal Budget (CRFB) is estimating a 10.8% cost of living adjustment (COLA) for Social Security recipients for 2023. Adam Hardy summarized the group’s outlook in this piece. CRFB also explained what the Federal Reserve…

Social Security Max benefits? Good luck getting them

David Nadelle of Yahoo Finance notes the average monthly Social Security benefit is $1,657 per month. That is $2,538 less than the maximum monthly benefit $4,194. Those lucky enough to score that amount will receive $50,328 a year, quite the…

Delaying Social Security Can Sometimes Cost You

it’s a common refrain from financial experts– delay Social Security, until age 70 if possible. The strategy makes sense for most, but not all, as Christy Bieber covers in this piece. Spousal benefits do not increase beyond full retirement age.…

Can Benefit Cuts be Prevented?

It’s up to lawmakers to keep Social Security whole. But it appears to be “crickets” from political leaders when it comes to staving off the 25% benefits cuts that are coming for all in about a decade. Why? Maurie Backman…

Why You Shouldn’t Count on Social Security

The “Don’t Count on it” is a tough message, and Chuck Saletta explains why in this piece. He notes the insolvency predicted in 2034-35 and corresponding benefit cuts expected of around 25%. But he digs deeper to explain that Social…

Claiming Social Security Early Could Bring Regret

Claim at age 62 and forget about it. That’s what most people do with Social Security, though that entails up to a 30% cut in benefits for life. Do people know that? It’s not fully clear. Dan Caplinger explains the…

How to Score a Juicier Monthly Social Security Check

For many, the amount of their monthly Social Security benefit is shrouded in mystery. But it need not be. Benefits are calculated based on one’s highest 35 years of employment. So to score a higher check, be sure to work…

Another View of “Average” Social Security Benefits

Most articles on the distribution of Social Security benefits portray the average monthly benefit amount paid to all recipients, but here’s another view on the average. In April of this year, SSA reports that the average monthly benefit payment paid…

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