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Here’s How Social Security can be fixed
Gene Marks has an op-ed piece here in The Hill that explains the looming insolvency of Social Security that is a mere decade away. He suggests capping its liability going forward and quotes Stuart M. Butler from the Brookings Institution: “In…
Don’t overlook state taxes in addition to federal on Social Security income
Federal income taxes are due on Social Security benefits, which comes as a shock to many people. Katie Brockman explains that taxes kick in at $25,001 in provisional income for singles and $32,001 for couples. But these 12 states also…
Why Everyone Must Rely Less on Social Security
Maurie Backman explains those who plan to rely on Social Security in retirement will likely both regret it and struggle financially. That’s because the program replaces only about 40% of pre-retirement income. Seniors generally need around 70% to 80% of…
Savings Account Rates Are Higher. Should you still delay Social Security?
Maurie Backman takes on the common question many mature Americans are asking. Interest rates are now over 4% for savings accounts at some on-line banks. So is it better to grab Social Security early and save/invest the funds or still…
Social Security and the Gig Economy
Side hustles are becoming ever more popular, as in renting out a space or driving for Uber or Lyft. Even a consulting gig has the potential to boost one’s income. Maurie Backman writes about a Zapier report from June 2022…
Social Security’s Max Benefit Tough to Get
Robin Hartill explains the maximum Social Security monthly benefit for 2023 is $4,555. But just a tiny fraction of people will get this amount. In fact, just 10% of Social Security checks exceed even $2,600. To get the max, one…
Boost Your Social Security Check By Almost $2,000 per month
There’s no shortage of folks out there who hawk magic tricks or secret plans to get more Social Security. Many want you to pay for the advice. But it all comes down to waiting until age 70 to start benefits.…
Retire at Age 70 or Older. Why That’s a Good Idea
While a majority of American still claim Social Security at age 62, waiting until the maximum retirement age of 70 yields the highest possible monthly check for the rest of one’s life. Maurie Backman cites a recent Transamerica survey that notes…
4 Life-Changing Facts About Social Security Benefits
Trevor Jennewine explains that the vast majority of retired workers depend on Social Security benefits, but many are misinformed about aspects of the program. Common misconceptions involve early retirement penalties, the amount of income provided by Social Security, and the…
A Bad Choice Could Cost You 30% of Your Social Security Benefits
Claim it at age 62 and forget about it is what a majority of American do, but it’s a very costly decision according to Maurie Backman. Full retirement age is 67 for those born in 1960 or later. Starting Social…