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For Those Retiring Early: Barriers You’ll Need to Consider
If you’ve made the decision to exit the workforce early (like, for example, before your full retirement age), there are few key “barriers” you need to factor into your financial planning). They involve implications associated with IRA/401k withdrawals, Social Security…
Taxation of Social Security Benefits–An Explanation of the Guidelines
The Money Tips page of The Denison (IA) Bulletin Review recently posted an explanation of the manner in which Social Security benefits can become taxable at the federal level, along with a discussion of how to estimate the impending tax bite.…
Social Security: The Rules on Receipt of Your Benefits
Cash flow is an important–critical, in many cases–part of seniors’ financial management world. As a result, it is important to understand the scheduling of when benefit payments will be delivered from the Social Security Administration to them. Key timing elements,…
Income Taxes: The Often Overlooked Retirement Planning Piece
The Motley Fool’s Christy Bieber, in a post today on statesville.com’s Business page, covers the results of a recent Nationwide Financial survey and the conclusion that 41% of current retirees lament their overlooking the size of the bite that taxes can take out of…
Social Security Administration Seeking Guidance on Priorities
In compliance with the “Foundations for Evidence-Based Policymaking Act of 2018 (Evidence Act),” the Social Security Administration (SSA) has issued Docket No. SSA-2021-0008, its Request for Information (RFI) on the Foundations for Evidence-Based Policymaking Act of 2018 Learning Agenda. The RFI seeks…
Determining the Right Filing Age: Marriage Introduces Serious Considerations
For married couples, the thought processes associated with filing for Social Security benefits can become more complex, specifically with the need to consider the implications for spousal benefits and survivor benefits. The Motley Fool’s Maurie Backman addresses this matter in a…
Attention Ex-Spouses: Here Are the Rules for Obtaining Benefits on an Ex-Spouses’ Record
It comes as a surprise to many who have experienced a divorce situation, but ex-spouses can obtain Social Security benefits based on the record of a former spouse. This can be critical, especially if the former spouse was the higher…
Understanding the Implications of Taking Social Security Early
“When to claim Social Security benefits is an important one. Claim wisely.” That’s the closing line in an article by Michael T. Doll of Harbor Financial Services on the Bradenton (FL) Herald website. While acknowledging that there are situations where filing…
Retirement Tax Planning: It Can Be Complicated
Paying taxes in retirement should be a substantial issue in one’s financial planning, not only with respect to the federal tax on Social Security benefits but also on the state-level levy in those states where it exists. Beyond that, though, the taxation…
Delaying Social Security is Usually Wise, But Consider Lifetime Benefits Before You Decide
Conventional advice from the financial community is to delay filing for Social Security benefits until at least our full retirement age, and to age 70 if you can. That strategy, of course, will produce a higher monthly benefit than an…