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A Helpful “Cheat Sheet” on Key Points Current and Future Social Security Beneficiaries Need to Understand
It’s a new Social Security year, and it’s a new tax season, so most folks have a lot on their mind regarding their financial details. It can be confusing, so the folks at CNET have offered some guidance via a…
Saving for Retirement: Here are Some Thoughts to Help You
Social Security benefits are not designed to completely replace pre-retirement income levels. Everybody generally knows that, but how many are aware that the replacement rate is really around 40% or less? As a result of this reality, it becomes essential…
Another Vote Against Claiming Benefits at Age 62
Statistically speaking, you’re a rare case if you wait until age 70 to begin drawing your Social Security benefit. As many (most?) financial advisors suggest, you’re also a savvy planner, since your monthly benefit will be maximized–fully 24% greater than…
Republican Lawmaker Defends Party’s Position on Social Security’s Future
In a brief statement before Congress, Rep. Rich McCormick (R-GA) addressed repeated allegations that the Republican Party is intending to reduce Social Security benefits. McCormick’s. The recorded version of his remarks are brief, less than a minute and a half,…
Thoughts on Retirement Planning: For Many, A Mental Reset Can Help
Retirement is a tough decision for many folks. In addition to the variety of financial issues needing to be considered, there are family issues, longevity issues, residency issues, and on and on. For the financial issues, of course, there are…
Here’s How Social Security can be fixed
Gene Marks has an op-ed piece here in The Hill that explains the looming insolvency of Social Security that is a mere decade away. He suggests capping its liability going forward and quotes Stuart M. Butler from the Brookings Institution: “In…
Don’t overlook state taxes in addition to federal on Social Security income
Federal income taxes are due on Social Security benefits, which comes as a shock to many people. Katie Brockman explains that taxes kick in at $25,001 in provisional income for singles and $32,001 for couples. But these 12 states also…
Why Everyone Must Rely Less on Social Security
Maurie Backman explains those who plan to rely on Social Security in retirement will likely both regret it and struggle financially. That’s because the program replaces only about 40% of pre-retirement income. Seniors generally need around 70% to 80% of…
Savings Account Rates Are Higher. Should you still delay Social Security?
Maurie Backman takes on the common question many mature Americans are asking. Interest rates are now over 4% for savings accounts at some on-line banks. So is it better to grab Social Security early and save/invest the funds or still…
Social Security and the Gig Economy
Side hustles are becoming ever more popular, as in renting out a space or driving for Uber or Lyft. Even a consulting gig has the potential to boost one’s income. Maurie Backman writes about a Zapier report from June 2022…