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Married People Must Take Spouse Into Account on Social Security
Christy Bieber notes married people need to have a different calculus when thinking about claiming ages for Social Security. They should think strategically. Spousal and survivor benefits are at stake for couples when deciding when to claim Social Security income.…
Why Wait? The Rationale for Claiming Early
As Joseph Ivan Fishman starts this piece, “When you’re a financial adviser, you soon realize that half of the job is math; the rest is loopholes and therapy. These words ring truest when deciding on when to activate Social Security,…
Do Trump and/or Biden collect Social Security?
David Nadelle includes both the current and former president’s positions on Social Security in this interesting piece. Both say leave the program alone, which is perilous given Social Security is headed for insolvency. He then explores if either collects benefits.…
6 Social Security Changes Coming in 2024
Even with no modifications in the actual law, Sean Williams notes six changes are coming to the Social Security program in 2024. They are: 1. a modest cost of living adjustment, to be determined using third quarter data and announced…
Why Claim Social Security at Age 67
Keith Speights notes most Americans begin Social Security at age 62, possibly just assuming that is what they should do since they are now eligible. But a permanent cut in benefits ensues by doing this. Patience can pay off because…
How Scary Will The Upcoming COLA Drop Be?
“Sometimes the COLA [cost of living adjustment] works in the favor of Social Security recipients, and sometimes it doesn’t.” So says Vince Cariaga in this piece. With the latest inflation rate at 3% according to July data, Social Security recipients…
HSA for non-medical expenses
An HSA is not an option for everyone, but if you have one, you can grow your balance by investing. The investment gains in your HSA are tax-free as long as the withdrawal of those funds pays for medical expenses.…
Retirement has always been fragile for low-income workers
An analysis by the U.S. Government Accountability Office found: “Only 1 in 10 low-income workers between the ages of 51 and 64 had any funds put away for retirement.” The study also found while poor workers lost ground, high-income workers…
There is plenty of concern about Social Security among current retirees.
The Social Security program is vital to many Americans who depend on it in retirement. However, the Social Security Trust Fund reserves are running out of money. When that happens, Social Security will only be able to pay about 80…
The retirement gap
One question facing American workers is: How much do I need to save for retirement? According to the latest survey from Charles Schwab, the average amount participants said they would need to retire comfortably is $1.8 million. Compared to the…