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How do they calculate SSDI payments
The Social Security Disability Insurance (SSDI) program pays benefits to you and certain family members if you are “insured.” This means that you worked long enough – and recently enough – and paid Social Security taxes on your earnings. Also,…
Expanded catch-up contribution limits included in latest retirement bills
The Secure Act 2.0, which the House passed in March, but waiting for the Senate to finalize its bill, will allow older 401(k) participants to contribute more to their plan. The cap on the “catch-up” contributions would increase to $10,000…
When claiming Social Security at 62 makes sense
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up…
What Mitch McConnell says about Social Security
If the Republicans reclaim the Senate majority after the midterm elections in November, the leadership has made it clear that Social Security won’t be at risk. Mitch McConnell, the heir apparent to the Senate Majority position, has rejected a plan…
What are Roth 401(k) or 403(b) accounts?
For many higher-earning Americans, contributions to Roth IRAs are out of reach. Why? The IRS limits those contributions based on maximum income level; however, there are a few ways those higher-earnings individuals can still access a Roth IRA. Mark Avallone…
Stretching your Social Security benefit
The annual inflation rate for the United States is 8.5 percent for the 12 months ended March 2022 — the highest since December 1981 and after rising 7.9 percent previously, according to U.S. Labor Department data published April 12. We…
Be prepared for an early Social Security claim
You can start taking your Social Security benefit as early as age 62 or wait until you have reached full retirement age or even until age 70. The general rule of thumb is that if you can afford to wait,…
Take these three steps before you start your benefits
There is one question that all retirees ask: How do I maximize my Social Security benefits. For many retirees, Social Security benefits will represent about 30 percent of the income of the elderly; for other individuals, Social Security will be…
How pennies can add up
Tens of millions of Americans lack a modest emergency fund. The current inflation rate may mean saving money might become more of a challenge. There are some tactics and strategies you can use to make it easier to sock away…
Social Security alone may not be enough
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up…