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How Are Social Security Benefits Taxed?
More than half of the 65 million Social Security recipients pay taxes on their benefits. The amount of taxes you will pay depends on your income, including retirement, survivor, and disability benefits, and filing status. Kemberley Washington and Kim Porter…
The Social Security Administration employs an unusual tactic
Last week the Social Security Deputy Commissioner for Communications, Jeff Nesbit, wrote: “Congress provided us with $400 million, which provides enough funding to cover our fixed cost increases only through December, overtime at FY 2022 levels, and continuous hiring at…
Tips for Retiring on a Budget
Most financial and retirement experts advise us to save $1 million or more for our retirement. However, many Americans fall short of this goal, but that does not mean you cannot have a comfortable retirement. Gabrielle Olya outlines a complete…
Social Security, by itself, won’t be enough
The Social Security Administration states 21 percent of married couples and 45 percent of single persons rely on Social Security for 90 percent or more of their retirement income. Based on recent polls conducted by several leading financial organizations found…
The changes that will impact all future retirees
As of October 2022, over 48 million Americans received Social Security retirement benefits. However, there will be around 10,000 people (taking the total of retiring males and females) turning 65 each day for the next two decades. Although your retirement…
Millennials and the FIRE Movement: A Cautionary Tale
The thought of retirement way before conventional approaches is attractive to many younger workers desiring freedom from work life. That attractiveness has spawned the FIRE movement–“Financial independence, retire early”–and in recent past it seems to be growing n popularity. If…
One More Time: When Should I Take Social Security Benefits?
It’s not always a simple decision, and it’s one of the most frequently-encountered questions most financial planners receive from their clients. Here, in a less-than-three-minute video clip from Fox 2 St. Louis, is a summary view of points to consider…
Understanding the Implications of Filing Early
The majority of seniors aging into Social Security eligibility opt to begin drawing benefits before reaching their full retirement age (FRA). For some, it makes sense. For others, waiting would likely produce a gain in the amount of monthly benefit…
More on the Downside of the 2023 COLA
Much has been written about the soon-to-arrive and much-needed 8.7% benefit increase scheduled to hit beneficiaries’ payments and, while it’s good news, most folks tend to recognize that it’s only a means to catch-up a bit on the ravages of…
A Starter Set of Thought-Provoking Considerations for Those Thinking About Social Security
The opening line of a post by The Motley Fool’s Selena Maranjian on crossroadstoday.com says it all: “If you’re like most people, you know very little about Social Security.” If that line fits your situation, and if you’re taking a…