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Know These Social Security Rules to Prevent Shrinking Lifetime Benefits
Maurie Backman explain that it is essential that everyone squeeze as much money as they can out of Social Security. Doing so requires understanding a few rules and concepts. First, one must understand that benefits are calculated on 35 years…
The Midterms Elections and Social Security Changes
Keith Speights asks what changes might be in order given this November’s elections? The answer is likely none, at least immediately. Both parties know that reform cannot be put off indefinitely. Democrats generally favor raising the Social Security payroll tax…
Social Security’s Precarious Future
Katie Brockman explains how Social Security is only able to pay full benefits now because the program is dipping into Trust Fund reserves. The reserves will be depleted by 2035 at which time benefits cuts for all of 20% or…
Assessing Your Social Security Readiness
Anyone approaching the decision point on Social Security benefits needs to have a grasp on some of the key fundamentals. Failure to do so could result in decisions that, due to their irrevocability, could haunt you later in life. The…
The Reality of a Dwindling Social Security Benefit
When looking ahead to one’s retirement years, those approaching the start of their Social Security benefits typically tend to focus on projected income streams. For a reality check, though, it’s essential to consider expenses as well, perhaps even more carefully.…
A Case Against Deferring Beyond FRA
Many financial advisors will advise you that waiting as long as you can—all the way to age 70–is the most financially advantageous strategy for you. Yes, it’s true, that will give you the highest monthly benefit. But is that the…
A Summary of Key Social Security Information
As anyone who has taken a look at Social Security knows, there are many moving parts associated with this massive senior benefit program (earned benefit program, that is). The good folks at CNET certainly know this, and have put together…
COLA and the Thresholds for Federal Income Tax on Your Benefits..Not a Good Story
The January 2023 cost-of-living adjustment (COLA) will be a welcomed shot in the arm to many seniors, but to some it will bring with it a sobering reality in the form of higher federal income tax. It’s a kind of…
Social Security and the Debt Ceiling
At this point in the midterm election process, we still don’t know the composition of the incoming Congress, but one group has weighed in clearly on what should be considered to honor the Biden Administration’s commitment to “protect Social Security.”…
Clarifying the Driving Force Behind the Huge 2023 COLA
Despite claims to the contrary, the 8.7% cost-of-living adjustment (COLA) arriving in seniors’ January payments is not a positive result of any governmental action taken on their behalf. Quite the opposite, given the simple math that produces the annual COLA.…