Latest News
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…
For New (or Recent) Retirees: Some Pitfalls to Avoid
The Motley Fool’s Maurie Backman, in a post today on their website, outlines some of the common mistakes those in the early stages of their retired life can easily fall victim to. The first, and arguably the most critical, gives credence…
Retirement Financial Planning: Understanding the “Rule of 72”
One of the older axioms in popular financial planning is the “rule of 72,” an equation that mathematically enables one to estimate how long it will take to double a specific amount of money. Back in the heyday of financial growth…
How the Saver’s Credit Can Help You Save for Retirement
(Source: Social Security Administration) Saving for retirement can be difficult in the best of times, but even harder during a pandemic and challenging economy. An underutilized tax credit, known as the Saver’s Credit, may be able to make it easier.…
Social Security Administrator Taking Partisan Fire
President Trump appointed Andrew Saul, 74, as Social Security Administrator to a term that ends in January 2025. But a number of Democrats are calling for him to resign or for President Biden to fire Saul, among them both Maryland Senators…
When Should You Begin Receiving Social Security?
Forbes writer Justin Goodbread said retirees must consider not only age but time when deciding when to begin monthly Social Security benefits. As an example, $2,500 each month when claimed at full retirement age (67 if born 1960 or later) would…
Collecting Social Security & Still Working? Five Things to Know
The Editors of Kiplinger’s Retirement Report are out with a comprehensive explanation on the five things you need to know about the two Social Security earnings tests. Of course, for those who have reached their full retirement age (now 66-67 depending…
Four Surefire Signs You’re Ready to Retire
Social Security monthly benefits rise every month you delay beginning them, from age 62 to age 70. Once you’ve thoroughly investigated your Social Security start date, including how much you would receive at early retirement age 62, full retirement age (66-67…