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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…
Social Security Out of Funds by 2023? Not at all likely.
Much is in the news these days about Social Security having no income source to pay benefits by 2023. That would be the case if President Trump was able to eliminate the payroll tax completely AND no alternative source of…
Know the Rules on Taxation of Social Security Benefits
Many seniors are aghast that the IRS takes a piece of their Social Security benefits. Of course the law is the law. Maurie Backman of The Motley Fool dives into the issue, noting low income seniors whose only source of income…
Why it doesn’t matter when you begin Soc Sec — in theory
“In theory” are the key words as to why it matters not the age one claims Social Security. The reason is you should end up with about the exact same benefits, but again, that is “in theory.” If one lives…
Small COLA Predicted. But there WILL Be One
Dan Caplinger of The Motley Fool takes readers through how the Social Security Administration uses price increases from July, August, and September as compared to the previous year using those months to figure the cost of living adjustment (COLA) Social Security recipients will…
Sage Retirement Advice During Unsettling Times
To say the least, stock market volatility during 2020 has been unsettling to most retirees and near-retirees. But the large downturn in the market earlier in the year has been largely recovered as the market rebounded later in the year. Which…
Working While Collecting Early Social Security
Some might call it a sneaky Social Security rule, and it does catch a lot of Social Security recipients by surprise, but the so-called “retirement earnings test” or “RET” has been around for a lot of years. Essentially, anyone who…
Unsettling Forecast for Social Security’s Future
It’s not really new news that Social Security will be facing future financial difficulties because the program’s costs now exceed the amount of revenue received from working Americans. At the end of last year, Social Security’s Trustees were predicting that…
Are You Ready to Claim Social Security?
Are you ready to make one of the most important financial decisions of your life? Well deciding when to claim your Social Security benefit is almost certainly is at least one of the most important because, if you’re like most…