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The Elusive Maximum Monthly Social Security Benefit
The highest monthly benefit paid by Social Security this year is $3,895, and with the 5.9% COLA coming in January, that monthly max goes to$4,194. So, the question on the minds of many retirees and future retirees becomes “How do I…
Thoughts on coping with cash shortfalls in retirement
The issue of an inadequate nest egg to support financial needs in retirement is nothing new, but there are some fundamental actions you can take both pre- and post-retirement that could help ease the pressure during that life phase. The…
What should I do if I get a call claiming there’s a problem with my Social Security number or account?
(Source: Social Security Administration) If there is a problem, we will mail you a letter. Generally, we will only contact you if you have requested a call or have ongoing business with us. The latest scam trick of using robocalls…
Lack of savings again found concerning by more than half of American workers
A recent Bankrate survey reiterated what has been a recurring concern among American workers looking ahead to retirement. In fact, “…a full 52 percent of American workers say their retirement savings are not where they need to be.” Fox 25 reporter Mireya…
Some Strategies for Stretching Your 2022 Social Security COLA
CNBC.com personal finance reporter Lorie Konish provides some strategic suggestions for making your 5.9% Social Security cost-of-living adjustment go further in the coming year in a post on their website. In her post, she puts the importance of carefully planning…
Recapping Some Holiday Dinner Chats About Social Security
In this interesting post, Investing Daily’s Jim Pearce recounts some insightful around-the-table exchanges he and his family had while enjoying their Thanksgiving dinner. Not surprisingly, since he points out that his family gathering consisted of all 60-something participants, the talk…
Some Social Security Rules That Can Impact You…and Not in a God way!
Social Security is one of the most–perhaps the most–successful social welfare programs in our country’s history. But while it’s a pretty good deal, there are nevertheless some detractors that many folks entering this program are unaware of. This lack of awareness…
Social Security Taxation–Some Wishful Thinking Dispelled
While the federal taxation of Social Security benefits–a situation that impacts nearly 60% of the Social Security retirement benefit population–often comes as an unpleasant surprise to many new retirees, it’s also often softened by the belief that at some age,…
Claiming your benefits at 62 good be best thing for your retirement
According to the Social Security Administration, many seniors sign up for Social Security as soon as they become eligible at 62. However, financial experts will tell you that claiming your Social Security benefits at 62 is a bad idea, but…
HSAs as a retirement savings vehicle
A health savings account is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles,…