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A recent hoax circulating on the internet about Social Security
“A recent hoax circulating on the internet asserts that the Federal Reserve maintains accounts for individuals that are tied to the individual’s Social Security number and that individuals can access these accounts to pay bills and obtain money.” According to…
Social Security’s Advance Designation program
In the event you can no longer make your own decisions, Social Security can appoint a relative, friend, or other interested parties to serve as the “representative payee.” A representative payee is a person or an organization to receive the…
Why not minimize your living to maximize your (semi-retired) life?
According to a survey by GOBankingRates, 64 percent of survey participants are not prepared for retirement. It is not surprising that saving for retirement is getting harder considering the aftermath of the pandemic and the current economic conditions. So why…
These to-do items will help you retire on your own terms
Many of us do not focus on retirement until much later in our working lives, and that is okay as long as you have been saving throughout your career. However, once you reach your fifties, it is time to start…
These three steps can boost your benefit amount by thousands of dollars
According to the Social Security Administration, the average monthly Social Security benefit is $1,544. The maximum monthly benefit is $3,113, but for someone filing at age 70, the maximum monthly amount is $3,895. To earn the maximum benefit amount, you…
Thirteen states tax Social Security benefits
One area that is confusing for many Social Security recipients is the taxation of Social Security benefits. There are thirteen states that tax Social Security benefits and each of these states have its own approach to determining what share is…
New law mandates payroll deductions for automatic-enrollment IRAs in NYC
The City Council of New York enacted a new local law that creates a mandatory auto-enrollment payroll deduction individual retirement account (IRA) program for employees of private-sector employers in New York City. The employers who do not offer a retirement…
Secure Act 2.0
The Securing a Strong Retirement Act, aka Secure Act 2.0, has passed the House Ways and Means Committee and is now waiting for a vote by the full House. Ed Slott, IRA and tax expert, explains, “Most of SECURE 2.0…
The surge in early retirement
According to a Pew Research Center report, it found in September 2020, about 3.2 million more baby boomers were retired than a year earlier. Why? There are several reasons for the surge in earlier retirement, but the pandemic caused people…
World Elder Abuse Awareness Day is June 15th
World Elder Abuse Awareness Day is June 15th. What better day to make people aware of Social Security imposter scams targeting the elderly and others? Their tactics continue to evolve, and recently the Social Security’s Office of the Inspector General…