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Pros and Cons of Claiming Social Security Early (or later)
Deciding when to claim your Social Security benefits could be one of the most important financial decisions you’ll ever make, so it simply makes a lot of sense to choose wisely. But to do so, you need to understand the…
Is Your Local Social Security Office Open?
Turns out that, just like private businesses, circumstances sometimes arise where your local Social Security office may not be open for walk-in service, or even telephone service. In these cases, it sure would be good to know that before you…
Retirement Income: Will You Have Enough?
Talk to just about any financial advisor and they’ll probably tell you that your income in retirement should be, depending on the advisor, somewhere from 50% to 100% of your pre-retirement income. Of course, much depends on the lifestyle you…
Don’t Claim Social Security Until You Know What Your Monthly Payment Will Be
Sounds like simple advice, but it’s surprising how many people just claim when it “feels right” which is, far to frequently, as soon as they are eligible at age 62. But claiming the benefit you’ve earned from a lifetime of…
“Do the math!” – Social Security and Medicare Need Reform
The political posturing is almost breathtaking. Democrats tagging Republicans as wanting to cut both Social Security and Medicare (thus frightening millions of American seniors) while Republicans are vowing that cuts to either program are “off the table.” But aside from…
SSDI (Disability) and Taxation
Are “SSDI” (Social Security Disability Insurance) benefits taxable? Well, just as with regular Social Security benefits, they are if your combined household income from all sources is high enough. SSDI benefits are, essentially, early SS retirement benefits for those unable…
About Taxation of Social Security Benefits
You know what they say about the two things in life which are inevitable? Well, one of them is paying taxes, and many new retirees are surprised to find that their Social Security benefits are subject to income tax by…
Social Security Changes Are Inevitable. Will They Affect You?
Whenever politicians or Washington pundits talk about Social Security, they avoid the “elephant in the room” – that Social Security reform MUST happen soon or everyone’s benefits will be cut in less than a decade. We send our representatives to…
Calculating Your Social Security Retirement Benefit
Social Security is, arguably, the most important retirement program in the United States. More than 65 million workers and their dependents get benefits in retirement, and a majority say that Social Security is a “major” part of their retirement income.…
How Your Claim-Age Affects Your Social Security Payment
In the simplest terms, the monthly Social Security benefit you get will be largely determined by the age at which you claim relative to your full retirement age (FRA). It also, of course, depends on your lifetime earnings history, but…