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An Update on the Payroll Tax Issue
Much has been written about President Trump’s position on payroll taxes and Social Security funding, from his enactment of an option to defer payment of the tax for the final four months of 2020 to the potential to abolish the…
So, How Much do You Need to Retire?
For many folks, the goal was to have a million dollars available to sustain a comfortable retirement. That was considered the “gold standard,” and that still seems to be approximately the planning line for many. In fact, in a post…
The Consequences of the Payroll Tax Deferral–A Reminder
Here’s a quick reminder from The Motley Fool’s Sean Williams concerning President Trump’s August executive action to allow deferral of FICA tax obligations from the last four months of 2020. If you’re employer elected to do that implement than option,…
The Watering Down of Social Security’s COLA
The Motley Fool’s Christy Bieber, in a post today on their website, reminds us that the 1.3% cost-of-living adjustment is not as “generous” as expected, since increases in Medicare premiums will erode the bottom line. Also, with respect to actual living…
How the Timing of Your Benefit Start-Up Affects Survivor Benefits
One of the questions we receive most frequently at the AMAC Foundation’s Social Security Advisory Service focuses on the timing of that decision to begin drawing retirements. The impact on monthly benefits is a fairly easy question to answer…it’s pure…
This Sneaky Retirement Planning Mistake Could Cost You More Than You Think
Katie Brockman reminds readers that one of the most costly retirement mistakes you can make is to withdraw money from your retirement fund before you retire. She notes that millions of Americans lost their jobs due to the COVID-19 pandemic, and some of…
What Does a Biden Presidency Mean for Social Security?
Sean Williams reminds readers that for more than 80 years, Social Security has without fail made guaranteed payments to eligible retired workers. Today, 65 million people receive a monthly benefit, and 46 million are retirees. That is in peril, and it…
Claimed Social Security Too Early? There Are Options
Any claiming of Social Security benefits before full retirement age (FRA) comes with a permanent reduction in monthly checks for life. In fact, even claiming before age 70 (maximum age) will costs you money. Christy Bieber notes three things you…
Big Changes Likely for Social Security & Medicare Under Biden
Catherine Siskos of Kiplinger notes Joe Biden and the next Congress will have to confront entitlement program spending, whether they want to or not. Funding shortfalls and outright insolvency loom for both Social Security and Medicare, the latter coming first as early…
4 Things Most Retirees Should Never Do
Making prudent financial choices in retirement is essential to help ensure continued financial security for life. Christy Bieber of The Motley Fool details financial mistakes related to retirement that could be costly. She insists one should NOT do these four things: 1.) Go without…