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The Social Security Payroll Tax Cap: Everything You Need to Know
Everyone who works and earns pays Social Security tax out of their earnings, up to a certain annual earnings limit known as the “payroll tax cap.” This year, the tax cap is $142,800 and employees and employers each pay 6.2% of…
Big COLA Increase Coming, but Higher Prices Will Consume It
Any day now, the Government will be announcing the 2021 Cost of Living Adjustment (COLA) which will increase Social Security benefits next year. By most reports, the 2021 COLA increase will be about 6%, the highest in over 4 decades.…
Will Social Security Become Insolvent? An Opinion
If you pay even moderate attention to the news, you cannot have missed recent headlines trumpeting the impending insolvency of Social Security. If so, try to remember that news headlines “scream” to get your attention, and the narratives underneath may be somewhat…
Should A “Stay-at-Home Mom” earn Social Security Credits?
In this article by Tom Margenau appearing in the Dallas Morning News, a stay-at-home mom opines that those who have a career as a homemaker should earn Social Security credits, just like those who work for an income. The article’s…
Want a Higher Social Security Benefit? Here’s How.
Of course, who doesn’t want a bigger Social Security check? And there are clearly ways to make that happen, though those ways will require some discipline and planning to snag that higher benefit for the rest of your life. Working longer, earning…
Employer Healthcare Coverage at Age 65 vs. Medicare Coverage
It’s frequently said that if you have employer healthcare coverage at age 65, you can delay enrolling in Medicare until your employer coverage ends. And that’s true in many cases, but you still need to be careful because not all…
What you don’t know about the cost of Medicare
Generally, starting three months before you turn 65, and ending three months after the month you turn 65, is your Medicare Initial Enrollment Period. You usually do not pay a monthly premium for Medicare Part A (Hospital Insurance) coverage if…
Retirement is a holistic experience
Having enough money in retirement to live comfortably is essential, but there are other elements involved. The pressures created by the pandemic on retirees and future retirees’ finances are considerable but not insurmountable. The findings of a recent study confirmed:…
Want the largest Social Security checks possible?
We all want the maximum amount we can receive from Social Security, but many people don’t know how to achieve this. Many different factors will affect the amount of your benefits. The factors can range from when you file for…
The moves you make throughout your career could impact your benefits
Social Security benefits represent an important source of retirement income, with 21 percent of married couples and 45 percent of single persons rely on Social Security for 90 percent or more of their income. So, even if you start your…