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Considering a backdoor Roth individual retirement account?
According to a House Ways and Means Committee summary, the popular backdoor Roth individual retirement account strategy is on the chopping block. Until the end of the year, investors can use this maneuver to skirt the income limits for a…
Actionable steps workers can take to get their retirement plans back on track
To say the COVID pandemic did not disrupt lives not only physically but financially as well is an understatement. Many individuals had to put their retirement plans and savings strategies on hold. Since the crisis is waning, how do you…
Don’t claim Social Security at 62 for this terrible reason
Although claiming Social Security benefits at 62 is the most popular age, it may not be the wisest decision. There are circumstances where it makes sense to start your benefits at 62, such as serious health issues, and you don’t…
Few Know How to Maximize Their Social Security Benefit
The results of a recent Nationwide/Harris poll revealed a startling truth – most Americans know precious little about the Social Security program which they will almost certainly heavily rely on in retirement. Though many know a few of the basics, such…
The Pros and Cons of Medicare Advantage (“Part C”) Plans
As we roll into what’s often called “open enrollment” (which starts on October 15th) the TV airwaves will show many ads by insurance companies anxious to get you to buy a Medicare Advantage plan from them. Those ads will include…
A Primer on Social Security Disability Insurance (SSDI) benefits
Social Security Disability Insurance (SSDI) is there for American worker’s who become disabled before reaching their full retirement age. SSDI is a program designed to provide only a portion of the income the disabled person was previously receiving from employment,…
Thoughts on not waiting until age 70 to file
Conventional wisdom conveyed by financial advisors to clients is to wait until age 70 to file for Social Security benefits, and thereby increase the amount of that monthly benefit payment. But is that always the best advice? The Motley Fool’s Maurie…
Redesigned Social Security Statement – A Big Improvement!
Many Americans have, for years, received a statement from the Social Security Administration which reflects their projected retirement benefits. The statement comes annually for those approaching retirement age, and has been available online for years for those who have created a…
Big COLA Increase Coming, But Don’t Get Too Excited
It’s been all over the news lately that an announcement will soon be made that the Social Security Cost of Living Adjustment (COLA) for 2022 will soon be announced, and that it will be the biggest increase in over four…
Your Social Security Won’t Change if Your Ex-spouse Claims Benefits From You
It’s not unusual that some divorced partners can claim benefits from their ex-spouse, and it’s a common misunderstanding that doing so reduces the benefit of the spouse who’s record is being used for the claim. That is not at all the…