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Ten States which may Tax your Social Security benefits
Check out the accompanying article about federal income tax on Social Security benefits, and then read this one which reveals that some U.S. states also levy income tax on Social Security benefits. Although most states don’t tax retirement income, there…
Federal Income Tax on Social Security Benefits
That historic 8.7% Cost of Living Adjustment (COLA) last year was a welcome addition to everyone’s monthly Social Security benefit, but some beneficiaries may be in for a surprise when they file their 2023 taxes this year. A portion of…
“Common Law Marriage” and Social Security
Social Security’s rules regarding spousal benefits are quite clear – to be eligible for benefits based on their partner’s lifetime earnings history, the couple must be “married.” It’s the definition of “married” which often catches people applying for Social Security…
About Supplementing Your Social Security Income
Social Security was never intended to be the sole source of income during retirement; rather, Social Security was developed to be a poverty-avoidance benefit. At most, Social Security will only replace about 40% of the average monthly income you were…
Prepared for Higher Healthcare Costs in Retirement?
Retirement planning usually focuses a lot on maximizing monthly income and that, of course, is totally appropriate. Logically, the more income we have in retirement, they more comfortable we’ll generally be. But part of that whole retirement planning exercise is…
Regret Claiming Social Security? Here’s what you can do
Deciding when to claim Social Security can be a daunting exercise and, far too often, the complexity of that decision leads to just throwing up your hands up and applying, without fully understanding the consequences of doing so. Then, a…
Social Security is Unique for those who are Married
Social Security can sometimes seem like a maze, with thousands of individual rules to cover every possible personal situation. That maze is especially complex for married couples, because choosing when two people should claim is naturally more difficult than for…
Why do the Rich get a Bigger Social Security Payment?
“The rich get richer” is somewhat of a common lament by those not enjoying financial freedom, which likely includes most of those collecting Social Security benefits. Indeed, a majority of Social Security beneficiaries say they rely on their SS benefit…
Insufficient retirement savings affects all of us
One of the biggest fears for retirees and pre-retirees is: “outliving my savings.” Why is this the biggest fear? Many Americans working do not have access to an employer-sponsored retirement savings account. However, 15 states have implemented automatic savings programs…
Predictions for 2025 COLA
Although the 2025 Social Security cost-of-living adjustment announcement is not until mid-October of this year, experts are already predicting it could be the lowest since 2020. Mary Johnson, Social Security and Medicare policy analyst for the Senior Citizens League, stated,…