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Collecting Social Security while still working
Social Security benefits were never intended to be your sole source of income in your retirement. To maintain their standard of living, many retirees continue to work part-time or side jobs. However, in some cases, those earnings will reduce the…
Who is the Self-Directed IRA custodian and/or administrator
Do you know the difference between the plan administrator and the plan custodian? Do you know every individual retirement account (IRA) must have a custodian? Did you know each self-directed retirement plan, the administrator is a neutral third party and…
Focus on the positive aspects of Social Security
It has become fashionable to criticize Social Security based on its flaws, but there are some positive things about the Social Security program. For one thing, you can claim your benefits when you want to. You can start collecting your…
IRS Notice of Levy on Wages, Salary, and Other Income
Many people are under the false assumption that IRS cannot issue a levy on their Social Security benefits. The IRS generally issues form 668-W Notice of Levy on Wages, Salary, and Other Income, to the Social Security Administration. After the Social…
What are spousal or divorced benefits?
The average retiree receives $1,511.29 per month in benefits, according to the July 2021 stats from the Social Security Administration. Although Social Security benefits can go a long way toward helping you enjoy retirement, but only receiving $18,135 per year,…
Don’t make this costly mistake when it comes time to sign up for Medicare
If you are one of the roughly 3.4 million people ages 55 to 64 that have your health care coverage through the health marketplace, you need to be aware you will need to sign up for Medicare at age 65.…
Use the two new tools to make an informed choice on your retirement
In 2018 Congress passed the SECURE Act to boost the U.S. retirement income system. Now Congress wants to further encourage retirement savings with a new version of the previous act commonly referred to as “SECURE Act 2.0.” They want to…
Should Social Security be privatized?
In Trevor Filseth’s blog appearing on The National Interest website, www.nationalinterest.org, he discusses the possibility of privatization Social Security. His argument is to save the Social Security trust fund “would be to partially privatize the fund—which, in addition to allowing its…
How to raise your Social Security benefit
According to the July 2021 stats from the Social Security Administration, the average monthly Social Security benefit is $1,556.72. What percentage does this represent to your present salary? If you make around $4,920 per month, the average monthly Social Security…
The Sneaky Expense That Could Wipe Out Your Social Security Raise
Maurie Backman notes current projections have Social Security recipients in line for an estimated 6.2% cost of living adjustment. But Medicare Part B premiums, currently $148.50 per month for most, is also due to go up. No one yet knows…