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Retiring Soon? Check out this book list
Retirement is a new stage of life for many, but it can be fraught with peril as folks navigate how much to save and spend and where to draw income. Carole Hodorowicz of Morningstar has a list of seven books…
Retirees: Beware These 3 Tax Hits
Taxes are a fact of life, but those on fixed incomes need to be especially vigilant. Interest income, including on bonds, is taxable, though municipal bonds can escape taxation. Taxes are also due on required minimum distributions and Social Security…
Clawback Cruelty to End
We’ve all seen the headlines of the Social Security Administration (SSA) coming in and taking someone’s entire benefit away citing an error made years ago in calculating it. Well, as Tracey Longo writes here, that is no more. The SSA…
Beware the Retirement Trap No One Talks About
Lou Carlozo of Yahoo Finance goes beyond withdraw rates and the “when should you start Social Security” in this piece. He writes the most common retirement trap is “going into retirement without knowing how much [money] is enough and constantly…
You Need to Know These 3 Things if Claiming Benefits in 2024
Maurie Backman reminds readers of the importance of knowing that full retirement age is not 62. It’s 67 for those born 1960 or later. She notes people need to know this as well as know their estimated monthly payment at…
Social Security Strategies for Married Couples
Maurie Backman notes three special steps that married couples should take here to maximize monthly Social Security benefits. They are: 1. Have both spouses claim benefits at full retirement age (FRA); 2. Have both spouses delay Social Security; 3. Have…
The 1983 & 1993 Social Security Changes that Haunt People Today
Christy Bieber explains the simple reason so many seniors are losing much of their Social Security benefits. It’s due to specific laws that Congress passed to tax benefits in 1983 and again in 1993. When the 1983 rule was enacted,…
Be Wary of Social Media Alone for Retirement Advice
Erin Lowry is a Bloomberg Opinion columnist covering personal finance. Nearly 80% of millennials and Gen Z have used social media for financial advice per a Forbes Advisor survey . For starters, it’s difficult to set up a simple, safe and affordable…
Social Security’s Max Benefit Unattainable to Most
A $4,873 monthly benefit is more than some people make who work full time. But few will ever earn Social Security’s maximum benefit. Maurie Backman notes the typical recipient will get less than half that. Why? The max assumes a…
Winning the ‘early claiming’ game at Social Security
Kailey Hagen cites data showing more than 393,000 62-year-olds applied for Social Security in 2022. Any claim before 67, today’s full retirement age, constitutes an early claim and thus a reduced payment for life. Of course, early claims also mean…