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What is your right age to retire?
So what is the right age to retire? Is it 55, or 60, or 65 or never? Well, there is no specific age that is right for everyone, so choosing the right age to retire will be determined by your…
Should you wait to claim Social Security until 70?
You can start your Social Security benefits as early as 62, which is the most popular age to begin, but your benefits will be reduced. Or you can wait until you are 70 and earn delayed retirement credits which will…
How much taxes will retirees owe on their retirement income?
The Center for Retirement Research at Boston College recently found “households in the aggregate will have to pay about six percent of their income in federal and state income taxes, but this liability can rise significantly for those in the…
Challenges can be different for women planning for retirement
“The average amount of money earned by women throughout their career is $850,000 less than that of men” according to recent data on Payscale.com. The wage gap has put women at a disadvantage in several ways including saving for retirement.…
Social Security benefits for ex-spouses
In Jeff Miller’s “Social Security Q&A” column that appears on www.moneytalksnews.com, he answers one of his readers’ questions on whether or not she can switch to spousal Social Security benefits when her ex-spouse dies. He explains the best time to claim,…
Medigap buyers can save through comparison shopping
A recent analysis by eHealth found Medicare beneficiaries could save an average of $840 per year for Medicare Supplement Plan F or $648 per year for Plan N if they enroll in the lowest-cost option available in their area. Medicare…
Medicare Advantage beneficiaries save more money
The newest analysis by Better Medicare Alliance found Medicare Advantage plan holders spend $1,640 less a year compared with traditional fee-for-service. Their analysis also showed that lower-income Medicare beneficiaries are more likely to choose MA over traditional Medicare. Allyson Schwartz,…
A gift strategy for your descendants
If you are doing okay in your retirement saving and investment, you may be thinking of what you will leave for your descendants. One of the best gifts you can give your child or grandchild is financial security by leaving…
How the windfall elimination provision and government pension offset affects public employees
If you receive a pension from a job that did not deduct FICA taxes (Federal Insurance Contributions Act), your benefits from Social Security will be affected by the windfall elimination provision (WEP) and the government pension offset (GPO). For those…
IRS states federal beneficiaries should be seeing their stimulus checks around April 7th
The Treasury Department released a statement advising the stimulus checks for Social Security recipients, Supplemental Security Income beneficiaries and railroad retirees will begin to arrive April 7th. However, the IRS is still reviewing the data for Veterans Affairs benefit recipients…