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The Danger of Overestimating Social Security Payments
On a recent plane ride, I overheard a woman say that her sister was comfortable financially and could retire but she’s going to work another 10 years just to maximize the amount of Social Security she will receive. The woman indicated…
Women Lagging in Retirement Saving: Survey
American women save far less for retirement than their male peers, and they invest too conservatively to close the gap, according to a new survey asset management firm BlackRock will release March 5. CNBC was granted exclusive early access to…
Phasing Out Social Security Tax on Seniors Considered
A Minnesota House committee dealing with aging Minnesotans voted last Wednesday to phase out the tax the state charges on Social Security benefits. The House Aging and Long-Term Care Policy Committee sent five bills to get rid of the tax to the…
Hearing Draws Attention to Social Security Shortfall
A hearing by the House Ways and Means Social Security subcommittee last week drew attention to the impending insolvency of the Disability Insurance (DI) trust fund in 2016. While there were some disagreements, there was also a clear bipartisan consensus…
Tax Breaks for Seniors, Veterans Advance in House
Minnesota House Republicans went to work today on their pledge to give back to taxpayers a majority of the state’s nearly $1.9 billion budget surplus. Members of the House tax committee heard several GOP-backed bills to exempt Social Security income from…
How Big a Role Should Social Security Play in Your Retirement?
Social Security is still a huge part of U.S. workers’ retirement plans, but they aren’t happy about it. As a Bankrate survey points out, Americans are getting a bit more pragmatic about Social Security’s role in their eventual retirements. Just 13%…
Say Happy Birthday to Social Security Then Start Saving More
Come August, it will be 80 years since the passage of the Social Security Act. Proposed and passed under the Administration of Franklin Roosevelt in 1935, this income safety net has served hundreds of millions of Americans. By the end…
The ‘Next America’ is Now
The political paralysis in Washington is often ascribed, depending on partisanship, to Republican obstructionism or President Obama’s arrogance. But there are deeper causes. Both parties have had a hard time creating agendas that appeal across ideological, racial and ethnic lines.…
7 Steps to a Financially Secure Retirement
Preparing financially for retirement may seem virtually impossible. How can you tuck away enough money for your later years given your limited income and never-ending expenses? It’s no wonder that a recent survey showed a third of people in the USA…
Form SSA-1099 Social Security and Taxes 2015
If you receive Social Security benefits, you may have to pay federal taxes on a fraction of their profits. These tips from the IRS will help determine whether or not to pay taxes on their benefits.These tips will also explain the…