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More Social Security/Retirement Myths to Know About
We frequently cover here the existence of myths and misunderstandings that keep circulating in popular lore, essentially because there are quite a few but, more importantly, because they can have a substantial impact on retirees’ financial wellbeing if not debunked.…
Lingering Effects of the Pandemic on Retirement Savings
Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League, reports in a post today on https://www.prweb.com that many retirees note that the savings component of their financial planning has not completely recovered from the COVID-19 pandemic and…
COVID-19 and Retirement Planning–Maybe It’s Not as Big a Problem as Feared?
A new report by the National Association of Plan Advisors suggests that “things could have been a lot worse” with respect to impact COVID-19 has had on retirement planning. Citing findings from the Center for Retirement Research at Boston College (CRR),…
Spousal Benefits, Impact of a One-Time Bump in Income, and Paying Self-Employment Tax–Some Thoughts
Laurence Kotlikoff, Boston University economist and Founder and President of Economic Security Planning, offers explanations on three separate topics integral to Social Security in this post on https://www.forbes.com. Question no. 1 addresses the calculation of spousal benefits, while no. 2 deals with…
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…