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Is there a best age to start Social Security?
There’s no one size fits all in the literature on when to start Social Security. Claiming at age 70 yields the highest permanent monthly check, but Selena Maranjian notes there are plenty of good reasons to begin before that maximum…
The Social Security Tax Torpedo – What it is & how to avoid it
The spike in taxes retirees often experience after receiving Social Security income is the infamous tax torpedo. As Ashley Kilroy explains, 50-85% of your Social Security check may be taxable, depending on income level and life circumstances. Further, your Social Security…
Can you avoid paying income tax on your Social Security benefits?
Everyone hates taxes, and especially income tax on Social Security benefits. Those with combined income from all sources (including half of their Social Security benefits) of under $25,000 as a single IRS filer, or under $32,000 as married IRS filers,…
About Social Security Overpayment Recovery
Amid a lot of media attention claiming that Social Security is trying to “claw back” $21 billion in benefits mistakenly overpaid, the SSA reports that $21 billion number is incorrect and the actual amount is much smaller. Nevertheless, the agency…
SSI Recipients will get two payments in December
First some terminology clarification: “SSI” refers to “Supplemental Security Income” and not regular Social Security retirement, spousal, disability or dependent benefits. “SSI” is a means-tested benefit for those over age 65, or those with very low income under age 65…
Social Security Disability’s “5 Year Rule”
Social Security Disability Insurance (SSDI) benefits are there for eligible American workers who become unable to perform “substantial gainful activity.” SSDI provides a financial lifeline for working Americans who become disabled and, thus, lose their income. It is, however, an…
A Fresh View of Retirement Planning
Whenever I hear the words “retirement planning” I think of spreadsheets, data entry, earnings history and future income projections, investments and return rates, and all things financial. And these things are, indeed, a part of what one considers and goes…
2024 is fast approaching; here’s how Social Security will change
As we enter this year’s holiday season and get all caught up in the spirit of Thanksgiving, Christmas, and Hanukkah, 2024 will soon be upon us, ushering in a spate of regular annual changes to the nation’s Social Security program.…
Only a few weeks left in the annual “Medicare Open Enrollment” period
The annual Medicare Open Enrollment period starts on October 15th and ends on December 7th of each year. This is a time during which you evaluate how your current healthcare plan fits your needs, and switch to another plan if…
COLA: How Can it be a Raise if we lose Buying Power?
Inflation is an insidious thing. The rising cost of consumer goods takes its toll on our budget nearly every year, meaning we lose buying power almost daily (our dollar buys less as prices go up). “COLA,” or Cost of Living…