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422 Stocks to Supplement Your Social Security Income
Many seniors get skittish about investing in stocks in retirement, but the truth is Social Security replaces just 40% of pre-retirement income. Pensions have become largely obsolete. With savings accounts and CDs paying near 0%, Selena Maranjian explains the importance…
Plan to Claim Social Security at 62 Even If You Don’t End Up Doing So
Age 62 is the most popular age to take Social Security, even if doing so means a permanent reduction in benefits for life. But Maurie Backman explain why one should PLAN to take benefits then, but then wait if able to…
Payroll Tax Deferral Explained– it’s like a loan
Maurie Backman explains President Trump’ executive order calling for a payroll tax deferral from September – December 2020 for workers earning up to $104,000 per year. During this time, the 6.2% payroll tax normally deducted to fund Social Security won’t be applied to…
Why Don’t The Bidens Get a Larger Social Security Benefit?
You might think Joe Biden and his wife are really raking it in with Social Security. After all, they’ve been very high income earners all their lives. Not so. Social Security is structured so it can’t pay out sky-high benefits,…
Is a Second Stimulus Check in the Cards After All?
Neither political party wants to hand the other a victory so close to an election. That’s the reason usually offered by experts as to why another round of stimulus has failed to pass Congress. On September 15th, the bipartisan Problem…
The Upside of Claiming Social Security benefits at 62
“Wait” is what the experts always say. Indeed, for anyone who can hold out until age 70, the maximum age for claiming benefits, he/she will get the highest possible monthly benefit for the rest of his/her life. The difference is…
Rep. Brady Floats Bill to Forgive Payroll Taxes Deferred Under Trump Order
While it’s not at all likely to become law, Rep. Brady (R-TX), the ranking member of the House Ways and Means Committee, introduced The Support for Workers, Families and Social Security Act last Friday. The bill would create a temporary…
3 Social Security Must-Knows After Getting Divorced
Christy Bieber notes that married couples have lots of different strategies to increase their Social Security benefits. But divorce does not necessarily eliminate all options. Bieber goes into detail on three key things to know: 1. You may still be eligible to…
Avoiding a Market Crash When Retired
A stock market rash is one of those inevitable things. Maurie Backman’s piece here gives retirees advice so they can take action in advance of the next downturn. The five steps suggested are: 1. Have an emergency fund; 2. Keep a…
Is $22k a year enough to live on in retirement?
Christy Bieber notes that Social Security benefits and money from savings are the two primary sources of income for retirees. In 2020, the average Social Security benefit totals about $18k per year with savings adding just over $4k annually. That is…