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Income Taxes, Social Security, and Retirement Planning
Retirement planning can be a pretty complex undertaking, especially for those with an investment portfolio which includes tax-deferred savings. Required Minimum Distributions (RMDs) from tax-deferred investments must now start at age 72, and since RMDs will affect your income tax…
Which States Tax Social Security Benefits?
Planning for your retirement often includes deciding not only when to retire, but also where to spend your so-called “golden years.” Many choose to downsize, and some like the idea of a warmer winter climate but, where ever you may be…
Evaluate Entire Plan When Selecting “Medigap” Healthcare Coverage
“Medigap” is a short name for a Medicare Supplemental Insurance plan – a plan which provides coverage for the “gap” in healthcare expenses that “original Medicare” does not pay for. When considering a Medigap policy, it’s very important to look not only at the…
Investment Withdrawal Strategies for Low-income Seniors
Of course, everyone’s personal financial situation is different so developing a “one size fits all” retirement income approach is neither possible nor desirable. Nevertheless, it’s important to fully understand how and where Social Security fits into your overall retirement income…
The Wisdom of Setting Up Your Online Social Security Account
Social Security has, for years, been moving inexorably toward more robust online services, even before the COVID-19 pandemic made online services the preferred way to do business with the Administration. Although you aren’t required to do anything with Social Security until you’re ready to apply for…
Three Fundamental Social Security Questions To Ponder
Most retired Americans say that Social Security is a major part of their retirement income, and few would argue that a decision on when to claim benefits should be made without having at least basic knowledge of how the program works. After all,…
Is Your Home Ready For Your Retirement?
Many folks may not give this serious thought, but if you would like to retire in your current home, making that home retirement-ready before you stop working is a great strategy. A stark reality is that when you retire you’re probably…
Snapshot of Social Security Beneficiaries
If you’ve ever wondered how many people collect Social Security benefits, and how many receive each type of benefit, then you’ll find Social Security’s snapshot of beneficiaries, based on August 2020 demographics, interesting. According to Social Security, over 64 million people receive Social…
Claiming Strategies for Married Couples
A majority of Social Security beneficiaries – both men and women – claim their benefits at age 62. The reason, of course, varies and is sometimes as simple as “because it’s there.” Other times, people are (wrongly) fearful that Social…
Everything You Need To Know About Stimulus Payments
It seems that everyone who hasn’t already received their “stimulus” payment for the most recent round of economic recovery is frustrated and wondering when they will get theirs. Many recipients also have unique circumstances which muddy the waters for them,…