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In the News: Social Security Benefit Cap “Gaining Attention”
The concept floated by the Committee for a Responsible Federal Budget (CRFB) to place a limit on the amount of Social Security benefits a single claimant, or a married couple, could draw is the topic of a post by Piyush…
Thoughts on Lowering the Social Security Claiming Age
This idea seems to come up frequently… if the preferred retirement age is 62, why not lower the full retirement age (currently 67 for those born in 1960 or later)? Without considering the financial plight of Social Security, that sounds…
Thinking Through the Claiming Age Decision
Reaching Social Security’s early eligibility age — 62 — is a milestone for just about everybody, and it marks the first decision point on the road to claiming those retirement benefits. Claiming at that age can produce a lucrative and…
“Uncertainty” Cited as Driver in Age 62 Benefits Claiming
Claiming Social Security benefits at the earliest possible age–62–has been the prevalent choice for many eligible Americans, and despite increased awareness of the permanent reduction in monthly benefits that comes with this step, it remains the choice for a large…
Understanding the “Break-Even” Point on Benefits Claiming
For many folks aging into Social Security eligibility, the question of when to claim benefits poses a bit of a quandary. Claim as early as possible and accept the lower monthly benefit, or wait until later in life and enjoy…
COLAs and Inflation: Healthcare Cost Increases Setting the Pace
Much has been written about the inability of Social Security’s cost-of-living adjustments (COLAs) to keep pace with the inflationary pressures seniors face, and, as explained in a post by The Motley Fool’s Maurie Backman, healthcare costs and the rise in…
Your Social Security Benefits May or May Not Be Taxable
Usually, when someone’s only income is Social Security benefits, those benefits are not taxable. If you have other income, a portion of it may become taxable, increasing your risk of tax liability. Thresholds for individuals and couples differ. If an…
The debate over why Social Security has not been privatized remains ongoing.
There are ongoing conversations about privatizing Social Security. Some argue that individuals could have more retirement savings with privatization. However, the primary concern is the increased risk compared to the current system. The current system invests Social Security benefits almost…
The Importance of Checking Your Social Security Statement Regularly
Review your Social Security statement without delay to ensure your earnings are reported correctly each year. Any missed or understated earnings will reduce your Social Security payments. Your Social Security benefit depends on your top 35 years of earnings. If…
Having Enough Finances to Retire Isn’t The Only Thing You Need to Prepare For
You have spent years saving responsibly, preparing for retirement. Now, as you exit the working world, you are eager to relax, travel, and enjoy days without alarm clocks. At first, retirement feels like an extended vacation. Working creates structure, routine,…