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Tax Season: What To Know If You Get Social Security or Supplemental Security Income
(Source – blog.ssa.gov) It’s tax season once again. It’s important to read this blog even if your earnings or benefits don’t require you to file a federal tax return. You may be entitled to special tax credits that can mean…
First step if you want to retire early
Creating a budget can feel too restrictive; however, tracking how much your money gets spent and your expenses is important if you hope to retire early. Although your current level of spending likely would not be the same once you…
How to maximize your Social Security benefit
According to Social Security Administration, the average monthly benefit in 2022 is $1,657 or $19,896 per year, and the maximum possible Social Security benefit is $4,194 per month or $50,328 per year. How many retirees will get the maximum Social…
Social Security benefits represent one of biggest assets
Over 8 in 10 Americans aged 65 and older receive Social Security. For 61 percent of those beneficiaries, Social Security is more than half their total income, and for one in three, it is all or nearly all of their…
Three steps to build a successful retirement plan
Saving for retirement can be confusing if you do not know where to start. The recent WHY of Wealth Survey found, “preparing for a comfortable retirement was the most important factor driving the wealth planning efforts for nearly a third…
Making the wrong decisions about retirement
Ignorance is not bliss when it comes to Social Security and your financial security in your retirement. Making the wrong choices could result in financial insecurity in your later years. Maurie Backman discusses the three decisions that may end up…
Some ways to cut down on your travel expenses
Most of us dream of traveling the globe once we retire, but many do not because we think it will cost a fortune. However, you can jet off to different parts of the world and not have it drain your…
Don’t confuse SSI with SSA
Do you know the difference between the Supplemental Security Income program and the Social Security program? Your Social Security benefits provide partial replacement income for qualified retirees and disabled individuals, as well as for their spouses, children, and survivors. The…
Are Target funds the right choice approaching retirement?
They’ve become immensely popular, and many financial experts say target funds are a great supplement to the Social Security benefits one will receive one day. They’re simple. With target-date funds, your portfolio is rebalanced over time as you get closer…
Score a Higher Social Security Benefit in 30 seconds
Maurie Backman covers the importance of Social Security to most retirees. A key objective for all nearing retirement should be to score the largest monthly benefit for life that is possible. That won’t happen by taking benefits at 62 or…