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How to replace your Social Security card
You will need your Social Security card for various reasons: starting a new job or getting new driver’s license in some states. If you have misplaced your Social Security card, changed your name, or it is torn and tattered, you’ll…
Save now to stress less later about the cost of healthcare
The projected lifetime cost of care for a healthy 65-year-old is $404,253 – and that does not factor in long-term care costs, which could be as high as $100,000 a year. The recent survey conducted by the Principal Insurance company…
There are other retirement accounts besides 401(k)
Most people will tell you that 401(k) is the Cadillac of retirement savings accounts, and they are not necessarily wrong. 401(k)s have high contribution limits, and most come with an employer match. But, they are not the only retirement savings…
How do they calculate SSDI payments
The Social Security Disability Insurance (SSDI) program pays benefits to you and certain family members if you are “insured.” This means that you worked long enough – and recently enough – and paid Social Security taxes on your earnings. Also,…
Expanded catch-up contribution limits included in latest retirement bills
The Secure Act 2.0, which the House passed in March, but waiting for the Senate to finalize its bill, will allow older 401(k) participants to contribute more to their plan. The cap on the “catch-up” contributions would increase to $10,000…
When claiming Social Security at 62 makes sense
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up…
What Mitch McConnell says about Social Security
If the Republicans reclaim the Senate majority after the midterm elections in November, the leadership has made it clear that Social Security won’t be at risk. Mitch McConnell, the heir apparent to the Senate Majority position, has rejected a plan…
What are Roth 401(k) or 403(b) accounts?
For many higher-earning Americans, contributions to Roth IRAs are out of reach. Why? The IRS limits those contributions based on maximum income level; however, there are a few ways those higher-earnings individuals can still access a Roth IRA. Mark Avallone…
Stretching your Social Security benefit
The annual inflation rate for the United States is 8.5 percent for the 12 months ended March 2022 — the highest since December 1981 and after rising 7.9 percent previously, according to U.S. Labor Department data published April 12. We…
Be prepared for an early Social Security claim
You can start taking your Social Security benefit as early as age 62 or wait until you have reached full retirement age or even until age 70. The general rule of thumb is that if you can afford to wait,…