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How Future Retirees Can Handle Shrinking Benefits
Maurie Backman reminds us all the Social Security benefits will face automatic cuts in about a decade unless Congress shores up the program. But, future retirees can and should act now. She says to save as much as you can…
Does your state tax your benefits?
The IRS determines your federal tax bill based on your combined income, which includes your AGI, any nontaxable interest, and half of your yearly Social Security benefits. However, only a handful of states tax your Social Security benefit. What states…
SSI rules are out of date
The Supplemental Security Income (SSI) program provides monthly payments to adults and children with disabilities or blindness whose income and resources are below specific financial limits. SSI payments are also made to people aged 65 and older without disabilities who…
Long-term care insurance and Medicare supplemental insurance
As you age, you may be looking at either long-term insurance, Medicare supplemental insurance, or both. Many experts suggest that seniors get both, but do you need both? Dori Zinn explains how long-term care insurance and Medicare supplemental insurance serve…
How waiting boosts your benefit?
There is no perfect age to begin your Social Security benefits. Your choice of when to take your Social Security benefits is a personal one based on your circumstances. However, if you wait past your full retirement age to begin…
Would a national retirement plan raise savings rates?
A recent survey found only about half of Americans have retirement accounts. But what if every worker was enrolled automatically in a retirement plan? According to a recent study by researchers from Princeton University and the Treasury Department, a national…
Super savers and taxes
Are you a super saver? Are you part of the one-third of American retirees that have a plan to reduce taxes on your retirement savings? The new age for taking required minimum distributions, or RMDs, is now 73, which could…
Why is the average Social Security benefit so low?
Regarding Social Security benefits, it is not the same amount for everyone. Many factors will impact the benefits you will receive – how many years you worked, how much you made during your career, and when you decide to begin…
Women are lagging behind in saving for retirement
There is a retirement crisis looking for women. According to a recent survey by Prudential Financial, women have only saved about one-third of the amount men have for retirement. Women were three times more likely to be focused on their…
Social Security changes for 2025
We are almost at the halfway mark for the calendar year 2024; now is the time to be aware of some changes to Social Security in 2025. What are these changes? Christy Bieber outlines the three Social Security changes we…