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Understanding Taxation of Social Security Benefits
For many folks, slightly more than half of all retirees receiving Social Security benefits, the annual federal income tax filing process reawakens the annoyance of having Social Security benefits included in their taxable income. Of course, what makes the process…
Origin of “Ticket to Work” Program Celebrates 50 Years of Progress
Social Security’s Ticket to Work (Ticket) Program, the portion of the Rehabilitation Act of 1973, “supports career development for people ages 18 through 64 who receive Social Security disability benefits (SSDI/SSI) and want to work.” As the Social Security Administration celebrates 50…
How would the Retirement Benefit Account (RBA) hurt retirement savings?
IBM announced they will replace their 401(k)-matching program with a new Retirement Benefit Account (RBA) starting January 1st. Their statement said: “Each employee who’s served at least a year will receive a “monthly account credit” up to the IRS limits…
Are higher taxes the only solution to Social Security insolvency?
We are all aware – I hope you are – that the Social Security Trust fund will be depleted by the end of 2033, forcing benefit cuts of 20 percent in 2034 if Congress cannot find a solution. So, what…
It’s all about realistic expectations
Social Security is a primary income source for most people aged 65 and older. You can start your Social Security retirement benefits as early as age 62. However, if you start to receive your benefits early, your monthly Social Security…
Changes to your retirement savings
For those individuals saving for retirement in 2024, you received some good news from the IRS last week. The IRS announced the 2024 contribution limit increases of $500 for 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings…
Spousal benefits from Social Security
Being married comes with benefits – Social Security benefits – that is. When a worker files for retirement benefits, the worker’s spouse may be eligible for a benefit based on the worker’s earnings. The spousal benefit can be as much…
It’s a crisis that could have been easily avoided
Americans know, as you should by now, that the Social Security Trust fund is in trouble. The trustees reported the combined funds will pay 100 percent of scheduled benefits until 2034. In 2034, total fund income will be sufficient to…
Can better communication between spouses lead to more retirement savings?
New research shows that married couples who do not communicate with their spouse about saving for retirement lose, on average, almost $700 in savings every year. The study found that “24 percent of couples failed to coordinate their contributions to…
Social Security benefits and death
Social Security started providing survivor benefits in 1940; before this, the 1935 law only paid retirement benefits to the primary worker. Since that time, Social Security survivor benefits have been providing a safety net for loved ones of the deceased…