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An Oft-Overlooked Downside of Claiming at Age 62
Most folks considering claiming Social Security retirement benefits at the earliest possible age — 62 — are aware that their monthly payment will be reduced. They accept this in exchange for receiving benefits early and, hopefully, for a much greater…
Yes, COLA can have a downside desite being a positive number
Getting a Social Security adjustment each January is generally a positive sign for seniors, but some parts of the equation are less than ideal. Think taxes, which, despite the additional senior deduction for tax years 2025-2028, could impact higher-income filers.…
Senior Citizens’ Freedom to Work Act of 2026 Outlined in Post
The Social Security Earnings Test severely limits early retirees’ ability to earn income without having their benefits reduced. Because of this provision, many older Americans are forced out of the workplace when they would otherwise continue contributing to payroll tax…
Fraud, Fraud, and More Fraud…Some Thoughts on Self-Protection
It’s a crazy world out there, and it’s getting crazier every day. Artificial Intelligence–the much ballyhooed AI destined to reshape this crazy world even further– isn’t helping. In fact, AI is making it worse in some areas, such as voice…
Tips on Verifying Personal Data Accuracy in SSA’s Records
It’s been stressed time and time again… the need to periodically review the information the Social Security Administration (SSA) maintains about you, your work, and your tax history. Mistakes do occur, and since this information is the fundamental part of…
Understanding the “Do Over” Options and Its Implications, Both Near-term and Long-Range
It often happens that a claimant elects to draw benefits at the earliest opportunity–age 62–and then sees a change in circumstances (or, perhaps, a realization of what the substantially reduced benefit might mean in later years) that causes second-guessing of…
ICYMI – Reminder on Direct Express Changeover
Beneficiaries receiving payments on their Direct Express Debit Mastercard are now being alerted about a change in financial agents. “Previously, The Motley Fool reported, Comerica Bank administered the program. Now, it will be handled by Fifth Third Bank, which merged with Comerica earlier this year,” says…
Combating Medicare Fraud
Did you know that Medicare fraud, abuse, and errors cost American taxpayers about $60 billion per year? This might be a result of scammers and fraudsters, or simple (or deliberate) mistakes by providers but, nevertheless, the cost to taxpayers and…
If you worked in the public sector, make sure you don’t miss out on this
For many years, since the 1970s/1980s, many public sector employees did not contribute to Social Security from their government paychecks, and their public sector employers did not contribute to the SS program either. As a result, those employees were not…
Thoughts About Spending Your Retirement Nest Egg
Regardless how much you have saved for retirement, when you finally put your work cloths in the closet for good, you’re likely to start worrying about how long your savings will last. That’s a relatively normal concern for most retirees,…