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How to start saving for retirement now
Some Americans feel retirement is out of reach for them; are you one of them? A recent survey found Americans are retiring later than they have in the last three decades, with many not planning on retiring until they are…
Retirees could face higher tax bills next year due to surging inflation
Many Social Security experts have predicted a considerable cost of living adjustment for 2023, the average around 10 percent. However, one prediction they have not made is the percentage of Social Security recipients who will owe taxes on Social Security.…
The ways you can lose your Social Security benefits
Social Security reports that 12 percent of men and 15 percent of women rely on Social Security for 90 percent or more of their income. For those individuals who rely solely on Social Security, it would be devastating to lose…
Will we see these changes to Social Security?
The Social Security Trust Fund reserves have a projected depletion date of 2035. After the depletion of Trust Fund reserves, continuing tax income would be sufficient to pay 80 percent of scheduled benefits in 2035. Will this happen, or will…
What you need to know before you unretire
According to recent research conducted at the Indeed Hiring Lab, 1.5 million retirees or over three percent have unretired and reentered the labor market over the past year, a continuation of a trend that started early last year. “The soaring…
Big COLA Coming – What You Need to Know
Kailey Hagen acknowledges that seniors are poised to get a large cost of living adjustment (COLA) effective in January 2023. But she cautions against calling it a raise, as folks only keep pace rather than get ahead of inflation. Hagen…
Reality of Social Security often Different Than Perceptions
Christy Bieber seeks to educate folks here on three facets of Social Security, which she calls “unpleasant surprises,” that many may not know. One, the program replaces far less pre-retirement income than people think (about 40%), and thus virtually no…
Can you get a mortgage with only Social Security income?
Yes is the answer to being able to obtain a mortgage with only Social Security income. So says Molly Grace , a reporter at Insider. Grace notes one’s overall financial situation is key. In some cases, a lender might be…
Snagging That Coveted Social Security Max Benefit over $4,000
Maurie Backman notes the absolute maximum one can get per month from Social Security is $4,194. But very few get or ever will receive that sum. Why? It takes earning the maximum for all 35 years or more of one’s…
Should We Be Worried About Social Security?
Maurie Backman takes on “the sky is falling” which runs rampant in the literature regarding Social Security’s long term financial health. Backman admits, “Things aren’t looking great, but all isn’t lost.” Benefit payments now exceed incoming revenue, a trend that…