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COLA Watch 2022: Inflation Eased a Bit in August, But Still Points to a High 2022 Adjustment
Wall Street Journal reporter Gwynn Guilford, in an article posted on their website, notes that inflation has cooled slightly in August, but added that that may simply be a “head fake” with respect to CPI statistics for the coming months. What…
Social Security 101–Some Bssic Terminology
Many of the articles we re-post on this site (and some that we create ourselves) often include acronyms and terms that tend to be very basic to Social Security, and often the mistake is made that it is assumed everyone…
State-Level Taxation of Social Security Benefits–It’s Important to be Aware
If the potential for relocation is in your retirement plans, you need to be aware of how the places you’re considering moving to look at taxable income. Since the issue of federal income tax on benefits is often an unwelcome…
Early Filers Beware…Taking Benefits at 62 Can Have Consequences
One of the frequent statements we hear is “Social Security? What’s to know? You turn 62, you take it.” And with the pundits and uninformed “experts” repeatedly talking about the program’s solvency problem and labeling it an impending “bankruptcy,” it’s…
Retirement Rules are Changing for Upper Earners
Well, the money has to come from somewhere, doesn’t it? House Democrats yesterday proposed a series of rule changes–most of which will go into effect in 2022–designed to limit the use of selected retirement account strategies presently used by higher-income…
The Impact of Illegal Immigrant Amnesty on Social Security and Medicare
The House Judiciary Committee today will be taking up the issue of amnesty for illegal immigrants, a population that includes “essential workers,” holders of Temporary Protected Status (TPS) and Deferred Enforced Departure (DED) status, and so-called “dreamers” who arrived at the age…
Social Security – Beating the Monthly Average
Social Security’s average monthly payout to beneficiaries is, at mid-year in 2021, $1557 per month. By design, the program is structured to provide about 40% of a retirees’ income level prior to retirement, an amount that would likely be insufficient…
401k Plans Do Have Some Downsides
For many folks, the ability to contribute to a 401k plan for retirement savings is a blessing, especially when there’s a generous employer match involved. The ability to defer compensation and avoid current taxation can enable future retirees to accumulate…
Retirement Planning in the Homestretch…Three Important Things You Can Do
The Motley Fool’s Kailey Hagen, in a post on fremonttribune.com, offers some thoughts on a handful of key strategic moves that can be made by those approaching retirement. They might seem basic, but they can help shore up a financial plan for…
Social Security Can Continue to Pay, Even After You Die
Whenever you die, your personal Social Security payment will obviously stop, but that doesn’t mean that all benefits based on your lifetime Social Security record will stop too. If you have a surviving spouse or other dependent(s) collecting benefits from your record,…