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Retirement Planning: Building a Nest Egg is Essential, Despite the Lure of the YOLO Mindset
Many younger and middle-aged adults hear the alarm bells sounded by economists regarding the need to stay dedicated to the thought of saving for retirement. Some popular notions are that by the time you’ve reached 50, you should have accumulated…
States That Tax Social Security Benefits: 2 Down, 10 To Go.
With Nebraska and Missouri taking action to exempt Social Security benefits from state income tax, the list of states retaining this provision in their tax code is now down to 10. For Nebraska, it took a series of tax law…
Collecting Social Security While Working? There’s Much to Know
Keith Speights notes most people are familiar with Social Security, but not to the extent they should be. When it comes to collecting benefits and working, many do not understand the complexities. People will forgo some income if they cross…
This Unpopular Social Security Provision is not Changing
Most figures related to Social Security increase each year due to inflation. This includes benefit payments, wages subject to tax, the earnings one can accrue from work, and more. One figure, though, does not change and has not since 1993.…
We’re 10 Years Away From Social Security Cuts. Prepare Now.
Maurie Backman explains that the trust funds keeping Social Security from cutting benefits now will be exhausted in about 10 years. What should people do? Those working should boost their retirement savings. She suggested retirees consider part-time work, perhaps in…
COLAs, Part B Premiums, Earning Test, and Taxes - All Effect 2024 Soc Sec Income
Lorie Konish of CNBC notes all will receive a 3.2% cost of living adjustment in their Social Security checks in January. But she covers other topics in depth in this piece. Medicare Part B premiums increased too, which take a…
Fun Job Options For Retirees Looking for Part-Time Work
Retirement doesn’t have to mean the end of work, and with Social Security covering relatively little of overall costs, many don’t just choose to work, many say they must. Mark Henricks has a piece here that suggests low stress fun…
Costly Retirement Mistake: Not Saving Early Enough
Not only how much you save but WHEN you start saving is key to retirement according to Maurie Backman in this piece. Social Security replaces a pittance of pre-retirement income (estimate 40%), so ample savings is required for even a…
3 Critical Moves to Make Before Taking Social Security
Katie Brockman notes you generally only have one chance to claim Social Security benefits. As such, it’s wise to ensure you’re making the best decision. First, know full retirement age, which is not 62, but age 67 for those born…
Turning 62 in 2024? Know the Rules on Social Security.
To avoid unpleasantness later, Kailey Hagen strongly advises those turning age 62 in 2024 to understand the most basic fact: if you claim Social Security at age 62, you get a permanently reduced benefit for life. In fact, it’s a…