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New “doc fix” won’t cure ailing Social Security checks
The U.S. Senate gave its approval to a Medicare reform bill Tuesday that is being heralded as a bipartisan effort to address the “doc fix” issue. “Doc fix” is the method that the government used to ensure payments to Medicare providers,…
Supporting Grown Kids Delays Boomers’ Retirement
Could supporting your grown kids force you to delay your retirement? Quite possibly, according to a recent study of boomers by Hearts & Wallets, one of my favorite financial research firms. In a report based on its annual survey of 5,500 households,…
Senators Ask Gov’t How Many Illegals Got Social Security — The Number Is Almost Unbelievable
The Social Security Administration has told Congress that more than half a million illegal immigrants have received new Social Security numbers, under President Barack Obama’s 2012 executive action allowing younger immigrants to stay in the United States and work. Obama imposed…
The wrong way to fix Social Security
Governor Chris Christie wants to reduce Social Security benefits for the rich: As part of the plan, he’ll propose phasing out Social Security payments for those making more than $80,000 in other income and eliminating them for those making $200,000…
Early withdrawals from retirement account chip away at savings
The deadline for contributing to an individual retirement account for 2014 is Wednesday. Write the check, and you’ll be taking a step toward setting up a secure retirement. At least that’s the idea. But a recent study from the Center for…
Labor Department proposes new standards for brokers advising retirement savers
Regulators proposed new rules on Tuesday that would raise the standards for investment advice given to retirement savers. The proposal, which was backed by President Obama in February, would require brokers who recommend investments for retirement accounts to put their client’s interests ahead…
Know the rules of Social Security
This past weekend at the Mon Valley Home Show, I had the opportunity to speak to many of the readers of this column. I am happy to know that so many of you enjoy our discussions of important financial issues. Some…
Can You Retire on Just Social Security?
Social Security provides a decent foundation for most Americans’ retirement plans, but like any foundation, it doesn’t provide much in the way of overhead coverage. According to the Social Security Administration, the typical retiree receives about 40% of his or…
How Working Affects Your Social Security Benefits
If you are under full retirement age (FRA), there is a limit to what you can earn before some or all of your benefits are withheld. This is true whether you are receiving Social Security retirement or a survivor benefit.…
Cutting Social Security Disability Insurance Won’t Help Anyone Go Back to Work
Policymakers and elected officials on both sides of the aisle have long shared the goal of helping people with disabilities work. However, recent proposals to cut Social Security Disability Insurance for beneficiaries who attempt to return to work represent a…