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The Reality of a Dwindling Social Security Benefit
When looking ahead to one’s retirement years, those approaching the start of their Social Security benefits typically tend to focus on projected income streams. For a reality check, though, it’s essential to consider expenses as well, perhaps even more carefully.…
A Case Against Deferring Beyond FRA
Many financial advisors will advise you that waiting as long as you can—all the way to age 70–is the most financially advantageous strategy for you. Yes, it’s true, that will give you the highest monthly benefit. But is that the…
A Summary of Key Social Security Information
As anyone who has taken a look at Social Security knows, there are many moving parts associated with this massive senior benefit program (earned benefit program, that is). The good folks at CNET certainly know this, and have put together…
COLA and the Thresholds for Federal Income Tax on Your Benefits..Not a Good Story
The January 2023 cost-of-living adjustment (COLA) will be a welcomed shot in the arm to many seniors, but to some it will bring with it a sobering reality in the form of higher federal income tax. It’s a kind of…
Social Security and the Debt Ceiling
At this point in the midterm election process, we still don’t know the composition of the incoming Congress, but one group has weighed in clearly on what should be considered to honor the Biden Administration’s commitment to “protect Social Security.”…
Clarifying the Driving Force Behind the Huge 2023 COLA
Despite claims to the contrary, the 8.7% cost-of-living adjustment (COLA) arriving in seniors’ January payments is not a positive result of any governmental action taken on their behalf. Quite the opposite, given the simple math that produces the annual COLA.…
“Crystal balling” on Social Security’s Future
Motley Fool contributor Matt Frankel, CFP, takes a look into the future of Social Security in a video posted on tulsaworld.com, sharing his views on the myth that the program is on a trajectory to being broke in just over…
Decisions, Decisions. There are many when to comes to retirement planning, but two stick out as key.
Perhaps the most important decision you’ll need to make is the most basic of all…when should I pull to plug (so to speak)? Your age is one of the key determining factors in calculating your Social Security benefit, and you…
“Phasing” Into Retirement: One Way to Make the Transition Easier
Even though many of us (maybe most of us?) have dreamed about reaching the “golden” years of retirement, actually reaching that mile marker often results in some trepidation. For example, there’s the financial aspect of stepping away from full-time earnings,…
A Review of Social Security Changes for 2023
2023, like most years, will see a number of significant changes, beginning with the much-heralded cost-of-living adjustment (COLA) slated to take effect in January. The gobankingrates.com editorial staff, in a post on their website, outlines the basic changes set to…