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The Unwanted Side Effect of the 2023 Social Security COLA
Keith Speights covers the so-called “COLA Hangover” facing may seniors this tax season. The 2023 cost of living adjustment was 8.7%, and while welcomed then to offset rising prices, it is creating tax havoc on many now. The thresholds for…
Social Security’s Income Inequality Problem
Sean Williams notes demographic changes are primarily responsible for Social Security’s rapidly growing unfunded obligations, as people live longer and fewer workers contribute payroll taxes. Also, a larger percentage of earned income is escaping Social Security’s payroll tax than ever…
The “When to File” Decision, Again, But With Guidance for the Middle-Class
Many factors go into the decision on when to begin drawing Social Security benefits, but for middle-class Americans–and that’s still about half of the population, according to Pew Research Center–it becomes more critical to weave the decision into a broader…
Commissioner O’Malley Puts a Stake in the Ground on Telework
As he comes up to speed in his new role, Social Security Commissioner Martin O’Malley is traveling the country getting a feel for life in the Agency’s field offices. One of the byproducts of his ground-level tours is an assessment…
A Quick Refresher on Spousal Benefits
Although so much of Social Security’s rulebook involves complicated qualifications, there are a few very basic premises that anyone planning their retirement finances should know. Many folks are already aware of these basics, but it’s still a good idea to…
Social Security Advisory Board Nominee Drawing Concerns
The nomination of Andrew Biggs, former principal deputy commissioner of the Social Security Administration (SSA), for a seat on the Social Security Advisory Board has sounded some alarm bells in the U.S. Senate. As reported in a Newsweek article by…
A Quick Review of Spousal/Survivor Benefit Rules
The general issue of which benefits are available to spouses and survivors contains some fairly explicit rules, so it’s always a good idea in financial planning exercises to be sure they’re well understood. The editorial staff at moneywise.com offers a…
“Peak 65” is Here.
According to a morningstar.com post by contributor Jessica Hall, 2024 represents a statistical milestone in the steady wave of people reaching age 65–12,000 per day to be more precise, also referred to as “Peak 65.” This rate of growth in…
Five Common Mistakes in Planning Retirement Finances–Have You Made Any of Them?
Financial planning for retirement years is not wimps…it takes serious and careful attention to a wid variety of factors, some of which may not be in your direct control. But some are, and The Motley Fool’s Kailey Hagen cites five of…
Retirement, Inflation, and COLA’s shortcomings
Seniors have a general concern about the durability of their financial plans in retirement, and that was cited in a post by The Motley Fool’s Maurie Backman in a post on their website. Part of the issue at hand is…