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What changed in 2024 for Social Security?
Stefon Walters covers a few changes that occurred, most automatically due to existing law, as there were no new federal enactments by Congress. The wage base increased such that now the first $168,600 is subject to payroll tax (from $160,200…
Retiring? Read these 10 action steps
Retirement planning can be daunting, but the SmartAsset team has 10 ways that can help you feel a lot more confident and actually properly prepare. This was published on Yahoo Finance. 1. Calculate How Much Money You Need to Save;…
Think Beyond Social Security: A New Table to Review
James Brumley notes the average Social Security retirement benefit payment for 2024 is $1,907 a month. The Social Security Administration’s benefits calculator indicates that individuals now cashing monthly benefit checks around that figure probably earned inflation-adjusted income (in today’s dollars)…
Should You Take Social Security At 62?
“Grab it and go” is the norm for a majority of Americans, as they enroll in Social Security at age 62, the earliest possible age. But is that wise? John Wasik of FORBES Magazine covers that topic here. He concedes,…
The Unwanted Side Effect of the 2023 Social Security COLA
Keith Speights covers the so-called “COLA Hangover” facing may seniors this tax season. The 2023 cost of living adjustment was 8.7%, and while welcomed then to offset rising prices, it is creating tax havoc on many now. The thresholds for…
Social Security’s Income Inequality Problem
Sean Williams notes demographic changes are primarily responsible for Social Security’s rapidly growing unfunded obligations, as people live longer and fewer workers contribute payroll taxes. Also, a larger percentage of earned income is escaping Social Security’s payroll tax than ever…
The “When to File” Decision, Again, But With Guidance for the Middle-Class
Many factors go into the decision on when to begin drawing Social Security benefits, but for middle-class Americans–and that’s still about half of the population, according to Pew Research Center–it becomes more critical to weave the decision into a broader…
Commissioner O’Malley Puts a Stake in the Ground on Telework
As he comes up to speed in his new role, Social Security Commissioner Martin O’Malley is traveling the country getting a feel for life in the Agency’s field offices. One of the byproducts of his ground-level tours is an assessment…
A Quick Refresher on Spousal Benefits
Although so much of Social Security’s rulebook involves complicated qualifications, there are a few very basic premises that anyone planning their retirement finances should know. Many folks are already aware of these basics, but it’s still a good idea to…
Social Security Advisory Board Nominee Drawing Concerns
The nomination of Andrew Biggs, former principal deputy commissioner of the Social Security Administration (SSA), for a seat on the Social Security Advisory Board has sounded some alarm bells in the U.S. Senate. As reported in a Newsweek article by…