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State-Level Taxation of Social Security–Changes in the Wind
Resident of West Virginia, Utah, New Mexico, and Colorado may be on the cusp of enjoying a bit of a windfall…the elimination of state income tax assessments on their Social Security benefits. If these changes are enacted, these states would…
Social Security Benefits and the Divorced: A Refresher
It’s an often overlooked area of Social Security, and as a result, benefits can go uncollected due to myths and misunderstandings that many folks have about the rules surrounding divorced partners. From issues like who qualifies and how they qualify…
Three Social Security Myths That Could Haunt You Down the Road
There are a number of myths and misunderstandings swirling around the broader topic of Social Security. Some are inconsequential with respect to individual benefits, but others can result in long-term damage to a beneficiary’s retirement financial picture. The Motley Fool’s Maurie…
Attention: Early Filers–Know the Spousal Implications
Despite a growing awareness of the benefit of deferring filing closer to full retirement age (FRA) or even later, still more than a third of all folks file at age 62, and more than half file before their FRA. If…
Retirement on Social Security Alone?
It’s rarely advised by experts but possible to get through retirement on Social Security alone, according to Maurie Backman. But she is clear adjustments to lifestyle will be in order. Backman explains delaying the start of benefits will be more important…
Invest in S&P 500 Index Funds Right Now?
Retirees with even a little money lying around are looking for yield– any place that will return more than the near 0% rates banks are offering on savings accounts and CDs. Is the S&P 500 Index fund, a collection of…
4 Big Emergency Fund Mistakes You Can’t Afford to Make
Experts have said for decades that everyone needs an emergency fund. Those in the workforce must guard against sudden joblessness, an unexpected illness, or any of life’s other curveballs. Retirees on Social Security need savings to have any semblance of…
Want a More Comfortable Retirement? Forget About Social Security
Maurie Backman’s piece here notes that a comfortable retirement, rather than just existing, necessitates ample savings and/or investment income to supplement Social Security benefits. Social Security alone, with an average benefit of around $1,543 per month, just will not lead to…
3 strategies to maximize Social Security benefits
As Selena Maranjian notes, Social Security income alone is not likely to be sufficient for most retirees. The average monthly retirement benefit is $18,500 per year, or $1,547 per month. That’s why it’s important to maximize those benefits for life. the easiest way is…
17 Tips To Live Comfortably Off Just a Social Security Check
Social Security was never designed to be one’s sole source of income, as it only replaces about 40% of pre-retirement revenue. Savings and investments have always been the final piece required for a comfortable retirement. Gabrielle Olya of Yahoo Finance looks…