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Social Security Benefits Will Be Less Robust in Future, Even with Reform
Vince Cariaga takes readers through the insolvency issue here, well known by now to most. Reforms tend to include a higher retirement age and/or payroll tax increases to stave off the automatic cuts coming around 2032-33. But that may not…
Good Reasons to Delay Retirement
While there are likely many to list, Maurie Backman lists three reasons to delay retirement, particularly the start date for Social Security benefits. You get the highest monthly Social Security benefit for life at age 70 even though one can…
3 Things to Know if New to Social Security
Understanding the basics of how Social Security works is more important that just grabbing one’s benefits as soon as possible without thought. Maurie Backman address cost of living adjustments here. She also explains that Medicare Part B premiums are deducted…
The Fantasy of the Max Social Security Benefit
It’s real, as in Social Security’s maximum monthly benefit is $4,555 in 2023. That equates to $54,660 annually. It’s just that so very few people do or ever will receive that level of benefit. Robin Hartill explains that about 6%…
When to NOT Delay Social Security
Financial experts have said for years and continue to say people should delay Social Security, to age 70 if possible. This provides the maximum payout for life. But Maurie Backman says that strategy does not work for everyone. For those…
How to Avoid Getting Hurt by Shrinking Social Security Benefits
Social Security benefits will be slashed by over 20% automatically around 2032-33 unless Congress makes reforms to the program’s ill financial health. Maurie Backman’s main message is to save more immediately. Currently Social Security replaces only around 40% of pre-retirement…
Lower Your Social Security Taxes in Retirement
Patrick Villanova has a piece here that discusses unintended tax consequences of withdrawing money from retirement accounts, no matter the source, but especially from required minimum distributions. Withdrawals can increase the taxes you owe on your Social Security benefits. A…
Social Security reforms explained
It’s often billed as a choice between raising the retirement age, cutting benefits, or raising taxes. No one option is popular alone. But time has nearly expired on the main alternative to any of these– “kicking the can down the…
Over 25% of Americans contributed 3% or less to retirement plans
Put this in the “Uh Oh” column. Javier Simon shares a grim statistic from a Bank of America study— more than a quarter of Americans (26%) saved 3% or less in their 401k plan. Experts believe a 15% savings rate is…
Could Relocating in Retirement Backfire?
Kailey Hagen admits there are upsides to moving, but she cautions on three items that might give seniors pause before making the leap to a new city or town. Moving in retirement can affect how much you need to save…