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Taxability of Social Security Benefits – How it Works

The fact that your benefits can be subject to federal income tax can come as a not-do-welcome surprise when you retire. So, it’s important that you understand the mechanics of this provision and factor it into your financial plans. In a…

COVID-19 Ramping Up Again–What it Could Mean for Those Nearing Retirement

Whether it’s the potential of yet another wallop to the employment picture, or whether the resurgence might ignite another stock market slump, it’s clear that the impact of the pandemic’s second wave has many folks jittery. Especially those on the…

Next Year’s COLA? Who knows, but one can speculate.

It’s that time of the year, and the numbers that will determine the COLA calculation for next year are now being accumulated. For those pundits looking ahead to what the CPI-W comparison will yield in October, the speculation is a…

A Practical Look at How Social Security Fits in Your Retirement

Of course, Social Security will be a significant part of your retirement financial picture. For some, it will be the most significant part, while for others it may serve to support other financial resources that have been accumulated along the…

The Timing of DRCs Explained

In a post on www.forbes.com, Social Security commentator Laurence Kotlikoff explains the calculation of Delayed Retirement Credits (DRCs) and the timing of their appearance in monthly benefit payments. Kotlikoff’s post also covers two other points on Social Security: online filing and spousal benefits,…

A Need to Know List for Claiming Social Security During This Pandemic

Maurie Backman explains the predicaments many seniors may find themselves if they were or are now close to or at retirement.  She reminds readers that signing up early will reduce your benefits for life and thus should be avoided if possible.  But…

Even Social Security recipients must save; here’s how to invest $100

Social Security replaces just 40 percent of pre-retirement income.  If one is planning to live solely on that, it is not possible without very severe struggle.  Thus is the reason one must save independently well before then.  But even if…

Three Persistent Social Security Myths

Social Security is a complex program with a myriad of rules.  But given its importance to the over 63 million collecting monthly benefits, Christy Bieber believes these three myths in particular need debunking.  First, the program isn’t going bankrupt.  Second,…

Here’s the timeline for Social Security benefit cuts

Social Security’s Board of Trustees report has cautioned every year for the past 35 that there would not be enough revenue collected in payroll taxes over the long run (defined as the 75 years subsequent to the release of a…

Social Security Alone Isn’t Enough Without Retirement Savings

It’s a sad but true fact– households that get the majority of their income from Social Security are much more likely to be poor than those who have ample additional income to supplement it.  That is according to a recent study…

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