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Understanding the Implications of Filing Early
The majority of seniors aging into Social Security eligibility opt to begin drawing benefits before reaching their full retirement age (FRA). For some, it makes sense. For others, waiting would likely produce a gain in the amount of monthly benefit…
More on the Downside of the 2023 COLA
Much has been written about the soon-to-arrive and much-needed 8.7% benefit increase scheduled to hit beneficiaries’ payments and, while it’s good news, most folks tend to recognize that it’s only a means to catch-up a bit on the ravages of…
A Starter Set of Thought-Provoking Considerations for Those Thinking About Social Security
The opening line of a post by The Motley Fool’s Selena Maranjian on crossroadstoday.com says it all: “If you’re like most people, you know very little about Social Security.” If that line fits your situation, and if you’re taking a…
Understanding the Social Security Earnings Test
For anyone electing to file for Social Security benefits before their full retirement age (FRA), it is essential to have a complete understanding of Social Security’s earnings test, its parameters, and what its implications are in the short-term on cash…
The “Saving for Retirement” Race–Where do you stand?
Accumulating the nest egg you’ll need to fund your panned retirement is a cumulative process, or at least it should be if you’re planning for a comfortable life during those “golden years.” But how do you know if the steps…
Some Background on Social Security, Including the Impact of 2023’s COLA
USAToday Economics and Jobs Reporter Paul Davidson, in a post today on their website, addresses some fundamental questions about our Social Security program and its benefit calculation process. His post also some of the history of the program, and offers…
Another Look at the 8.7% COLA, But It’s a Look at the Downside
The Motley Fool’s Kailey Hagen, in a post on their website, weighs in on an aspect of the 2023 cost-of-living adjustment (COLA) that is often overlooked in the euphoria of a partial leg-up in the inflation fight seniors face. Looking…
Dealing With Social Security’s Income Tax Consequences
One of the most unpleasant issues many Social Security beneficiaries encounter is the fact that their benefit may be subject to federal income tax. Not only is it unpleasant, but it’s also often not anticipated during the retirement cash flow…
Discussing the Inadequacy of Social Security’s 2023 COLA
The 8.7% cost-of-living adjustment scheduled to hit benefit checks in January is certainly appreciated, but in reality, only for its ability to recover some of the ground lost to the ravages of inflation. In a post on islandernews.com, journalist Hillard…
The Flip Side of the Argument for Filing for Benefits at 62
Yesterday, we posted an article by GoBaningRates’ Dawn Allcot posing the argument for filing at the earliest age–62. She focused on the equalization of lifetime benefits regardless of when you claim, as well as the advantage of allowing tax-deferred savings…