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2 Dividend Stocks to Supplement Your Social Security
Social Security replaces just 40% of pre-retirement income. Add to that savings accounts and CD rates of between 0 and 1%, and it’s understandable many seniors are searching for yield to augment their retirement incomes. Dave Kovaleski of The Motley Fool…
Sneaky Way Early Retirement Can Shrink Your Social Security Benefits
Most folks retire at age 62, and that’s such a shame when it comes to maximizing benefits. Maurie Backman reports on the mistaken belief of many that Social Security benefits are universal — meaning all seniors collect the same amount of money every month…
Is Social Security income taxable?
Yes is the answer to this question, but not for all people. In this piece in The Review Times, the author Jim Miller goes through the income thresholds, the calculations for the tax, and how to file. In addition to the federal…
Paying Back the Payroll Tax Deferrals
Payments have come due now on the deferral of Social Security payroll taxes due to the pandemic in 2020. This article in Fedweek covers how the government will seek to collect the 6.2% from federal employees that went unpaid for many…
Top 5 Social Security Questions of the Year
People will likely always have questions on Social Security, as the program is complex and has a myriad of rules and regulations. Some seniors rely on benefits for at least 90% of their income. The questions below come from Money Talks News…
5 Essential Social Security Numbers to Know in 2021
Maurie Backman reports on five essential figures that are unique to 2021 that you should be aware of. First you will pay a maximum $8,853.60 in payroll tax if you work for an employer on a cap of $142,800 in wages. IOf self-employed…
3 Great Reasons to Take Social Security Benefits at 62
Christy Bieber explains that while waiting until full retirement age (66-67 depending on birth year) is often promoted as advantageous due to the higher monthly checks, there are reasons some may elect to start benefits at the earliest possible age…
Social Security, Medicare and Retirement Plan Changes for 2021
If you’re looking for “one stop shopping” on all the changes related to Social Security, Medicare, and retirement plans, then this article in the Street.com by Robert Powell has it. Powell explains what the 1.3% cost of living adjustment means in…
Cost of living adjustment for 2021 gives bumps of $20 per month
Evie Fordham of Fox Business News notes almost 70 million Americans will be able to take advantage of a Social Security 2021 cost-of-living increase of 1.3%. That translates to an average increase of $240 for the year, or $20 per month. That takes an estimated average monthly benefit of $1,523 per month to…
WEP & GPO Dilemma
Much has been written for decades about whether the Windfall Elimination Provision (WEP) and Government Offset Proviso (GPO) are fair. Both reduce some public employee pensions, specifically affecting those who had some time in the Social Security system but usually many…