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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,…
It’s not hard to get your savings back on track
According to Fidelity’s guidelines, Baby boomers earning the median income in the U.S. should aim to have around $272,000 in the bank by the age of 60. However, the average of $138,900 is well behind that amount. So, what to…
The holidays is a perfect time to talk about retirement
The holidays are the perfect time to talk about retirement. Why do you ask? By talking about retirement to your older family members and friends, you might learn a thing or two. You might gain valuable information on retirement that…
State-sponsored retirement plans are successful and popular
A recent poll by the National Institute on Retirement Security found, “Almost three-quarters of Americans said state-sponsored retirement savings programs, like the ones in Illinois, Oregon, and California, are a good idea, regardless of their age or political affiliations.” Seventy-five…
If you rely on Social Security alone in your retirement, you may not like the number you see
According to a recent Gallup poll, 57 percent of retirees rely on Social Security as their major source of income, while only 33 percent of near-retirees say they expect Social Security to be their major source of income once they…
There are ways to increase your Social Security benefits
According to the Social Security Administration, the estimated average monthly benefits for all retired workers will be $1,657 beginning in January 2022. You are not alone if you think you will need more money than that in your retirement. So,…
Take steps now to protect your income
Mary Johnson of The Senior Citizens League said, “Inflation is still running ahead of the COLA amount right now,” so the adjustment for 2022 may not go as far due to inflation and Medicare costs. However, she did say, “If…
Five tips to help you through Medicare open enrollment season
Medicare open enrollment is going on right now through Tuesday, December 7th. Remember, the open enrollment period is different from your initial enrollment period, which occurs when you become eligible for Medicare. During the open enrollment period, beneficiaries can make…