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Full Retirement Age Matters
Pity that so many Americans think you just start Social Security at age 62 and then forget about it. If only people knew that means a pay cut of up to 30%. Authors Emily Guy Birken and John Schmidt explain…
Retroactive spousal benefits from Social Security?
Spousal and survivor benefit rules with Social Security can perplex almost anyone. In this piece, Karin Price Mueller explains that one cannot go back and claim past benefits for the death of a spouse, even though one would have been eligible…
3 Great Reasons to Delay Social Security as Long as You Can
Delay, delay, delay. That’s what most experts generally say on when to start Social Security benefits. That’s because waiting until 70 (maximum age) yields the highest possible monthly benefit for the rest of one’s life. True, as Maurie Backman notes in…
Will you owe taxes on Social Security benefits?
Maybe. That’s the short answer to the question on owing income tax on Social Security benefits. Robert Powell writing in USA Today goes over the thresholds where tax kicks in, noting they have never been adjusted for inflation since 1993. …
Born in 1960? Brace for a Big Social Security Hit
AMAC and the AMAC Foundation continue to get inquiries from those born in 1960, as they have heard something on the news about a Social Security “cut” for them. The “cut” has to do with the way average wages are…
What to do for retirement savings if you are in your 50s
Maurie Backman explains that all people will need additional money outside of Social Security to make sure they are able to easily cover regular bills, even those who say they are willing to lead a relatively low-key lifestyle during retirement. She cites a recent survey by Personal Capital on…
When You Need to Pay Taxes on Social Security
It often comes as a shock to retirees that income tax may be due on a part of their Social Security benefits. It’s not a new tax, as the idea first was enacted in 1983 and then broadened in 1993. …
Comprehensive Guide to Third Stimulus and SSI/SSDI
The third stimulus checks for $1,400 are going out to millions of people. This extremely comprehensive article by Alison DeNisco Rayome of CNET explains the new qualification rules for SSI and SSDI recipients and their dependents, a timeline for when the payments…
5 Social Security Oversights That Could Cost You Thousands
Chuck Saletta notes the complexity of Social Security despite how straightforward it appears to many. He lists five Social Security oversights could cost people thousands over the course of their retirement. They are: 1. Claiming early while still working; 2. Not claiming…
Timing is everything with Social Security
Bruce Helmer and Peg Webb of the Wealth Enhancement Group explain some of the considerations one should make when deciding when to start Social Security benefits. They begin by noting that people decide for themselves what they get, as benefits are…