Latest News
Big 2023 COLA still falls short
While the 8.7% cost of living adjustment is the highest in decades, no one should be giddy about getting ahead of inflation with it. It’s all about treading water, as noted here by seniors columnist Kerry Hannon. She reports results…
Social Security, Medicare, and Deficits
John Goodman of Forbes starts by noting the federal debt is about $31.4 trillion. Subtracting the amount the government owes to itself (bonds held by federal agencies), the debt nets to roughly $24.5 trillion—close to the nation’s entire annual output…
Is Social Security Actually Running Out of Money?
Not completely is the answer the the above question. Maurie Backman does explain the very real financial shortfall facing the Social Security program. She explains the difference between projected benefit cuts of about 23% coming around 2032 and the program…
Three Cardinal Rules About Social Security
Social Security sometimes seems like an overwhelmingly complicated program, especially if you’ve ever tried to navigate their website to find answers to questions you may have. The most crucial decision you need to find the answer to is, simply, when…
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…