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Some Background on Social Security, Including the Impact of 2023’s COLA
USAToday Economics and Jobs Reporter Paul Davidson, in a post today on their website, addresses some fundamental questions about our Social Security program and its benefit calculation process. His post also some of the history of the program, and offers…
Another Look at the 8.7% COLA, But It’s a Look at the Downside
The Motley Fool’s Kailey Hagen, in a post on their website, weighs in on an aspect of the 2023 cost-of-living adjustment (COLA) that is often overlooked in the euphoria of a partial leg-up in the inflation fight seniors face. Looking…
Dealing With Social Security’s Income Tax Consequences
One of the most unpleasant issues many Social Security beneficiaries encounter is the fact that their benefit may be subject to federal income tax. Not only is it unpleasant, but it’s also often not anticipated during the retirement cash flow…
Discussing the Inadequacy of Social Security’s 2023 COLA
The 8.7% cost-of-living adjustment scheduled to hit benefit checks in January is certainly appreciated, but in reality, only for its ability to recover some of the ground lost to the ravages of inflation. In a post on islandernews.com, journalist Hillard…
The Flip Side of the Argument for Filing for Benefits at 62
Yesterday, we posted an article by GoBaningRates’ Dawn Allcot posing the argument for filing at the earliest age–62. She focused on the equalization of lifetime benefits regardless of when you claim, as well as the advantage of allowing tax-deferred savings…
An Argument in Support of Filing for Social Security at Age 62
“Conventional wisdom,” as espoused by many financial advisors, generally calls for waiting until age 70 to begin drawing one’s monthly benefit. Yes, the monthly payment will be larger, since the claimant has avoided the discount applied to early filers and…
The Average 2023 Monthly Benefit–How Do You Compare?
The Motley Fool’s Maurie Backman, in a post on wfmz.com, reports on the 2023 COLA-infused average monthly benefit. As she points out, though, one of the important things to be remembered about the 8.7% bump is that it simply reflects…
Unraveling Some of Social Security’s Complexities
It’s no secret that our Social Security program is somewhat complicated (yes, I know that’s an understatement). But as a result of the program’s complications, uninformed participants can (and often do) make mistakes that can cause them to under realize…
Best to Start Social Security at 70? Usually but not Always
Two articles here explore the advice most financial professionals give, which is to delay claiming Social Security benefits until age 70 to maximize the monthly payout for life. Of course the caveat with that is eight years (96 months) of…
Social Security Strategies to Help Widows Replace Lost Income
This Kiplinger article by Stacy Francis addresses the very real financial difficulties many women face after the death of a spouse. The sorrow alone can be overwhelming, but adding financial questions and concerns can make the situation unbearable. Survivors benefits…