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Preparing for Social Security Cuts–Some Steps You Can Factor into Your Strategy for Retirement
Yes, it’s still a decade away, but the possibility of substantial benefit cuts is very real, regardless of the actions–or inactions–of Congress. In fact, it’s clear to almost everybody who’s kept themselves at least partially up-to-date on the Social Security…
Planning on Waiting Until Age 70? Here are Some Thoughts to Ponder
Choosing the correct time to begin drawing Social Security benefits involves many factors, but one common piece of advice from financial advisors is to defer as long as you can, optimally to age 70, to get a larger monthly benefit…
Nationwide Retirement Institute’s 10th Annual Social Security Survey–The Good & Bad News
The 2023 edition of Nationwide’s annual survey produced some striking differences of opinion regarding the viability of Social Security, with 40% of the more than 1800 respondents saying they’re very confident (or at least confident) about the program’s staying power…
Thoughts on Dealing With the Dreaded Federal Income Tax on Social Security Benefits
It often comes as a surprise (and not a pleasant one, at that) to the newly retired when they file their federal income tax return after beginning their Social Security retirement benefits and find that receiving this benefit ups their…
Exploring the Relationship Between Social Security and Your Retirement Savings Plan
One of the more perplexing questions many people face relates to the issue of how much of a retirement nest egg they’ll need for those “golden years.” Is it a million dollars? Two million? Multiples of your final salary? And…
Iowa Caucusgoers Show Slight Preference for Social Security Privatization
It’s still about six months until the Iowa Republican caucuses commence, but a Des Moines Register/NBC News/Mediacom Iowa poll sought to get a feel for the preferences of those likely to attend. Social Security was one of the seven questions…
Candidate Christie Breaks Ranks on the Social Security Issue, Advocates Cuts
While the prevalent mindset during the runup to the election year seems to be a consistent aversion to addressing the Social Security solvency problem head-on, presidential candidate Chris Christie stepped out of line recently with statements calling for reform provisions…
The Changing Landscape for Retirement Planning Strategy
Despite long-held attitudes toward the criticality of workplace retirement plans like 401ks, it appears that future retirees are paying more attention to other ways to accumulate wealth for their post-workforce lives. Yahoo Finance reporter Brian J. O’Connor, in a post…
The Disparate Effects of Social Security Reductions
GoBankingRate.com contributor Vance Cariaga, in a post today on their website, takes a look at what potential Social Security benefit cuts would mean for women. Using average benefit calculations as a basis for discussion, Cariaga notes that an across-the-board cut…
Reasons Behind the Rush to Early Filing
A recent study by asset management company Schroders reports that “40% of respondents who haven’t yet retired plan to begin receiving Social Security benefits between the ages of 62 and 65.” In discussing the reasons behind this statistic, The Motley Fool’s…