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Retirement and “Gen Xers”–
The cohort of future retirees labeled “Gen X” (defined as those born from the early-to-mid 1960s to the late-1970s) have a first wave now looking seriously at retirement, while the younger folks in this group still have a long way…
Extra Month to File 2020 Taxes — Should You Wait?
Many Social Security recipients must pay income tax on at least a portion of their benefits received each year. Thus it was likely welcome news that the IRS extended its deadline from April 15 to May 17, 2021 for 2020…
Social Security’s services have changed during the pandemic
People have sometimes found getting through to Social Security and/or getting an appointment with a local office maddening. And that was before the pandemic. Since, things have changed drastically, with virtual meetings being the new normal. Lorie Konish of CNBC highlights…
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. …