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Will Social Security Be There for Me?
Matt Montgomery of Money Matters has a stark “maybe not” to the question on whether Social Security benefits will be there. He notes that as long as workers contribute payroll taxes, benefits can be paid. But those born after 1968…
Are you misinformed about Social Security?
Social Security is so important to the over 65 million who collect monthly retirement benefits, but 35% of near-retirees aged 55-65 failed a basic Social Security quiz, while 18% earned just a D. Only 3% were able to answer all 12 questions…
Social Security For A Couple With An Age Difference
Developing a Social Security claiming strategy takes on a different perspective for a married couple, and especially so if there is a significant age difference. For example, if the husband is years older, the importance of the wife’s survivor benefit…
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…