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Enemy of Social Security Reform? Public Apathy
Despite all the media warnings about Social Security solvency and possible across-the-board benefit cuts in about a decade, a recent Gallup poll suggests that 53% of Americans still think they’ll get everything they’re entitled to when it comes time for…
Must I Pay Income Tax on Social Security Disability Benefits?
As with most Social Security questions, the answer is “it depends.” Social Security has an earnings test which affects anyone who is collecting Social Security benefits before they have reached their full retirement age, and that includes those collecting Social…
Will Your Social Security be Taxable?
In response to threatened revenue shortfall for Social Security in 1983, Congress enacted a law which required those with incomes over particular thresholds to pay income tax on half of their Social Security benefits. The thresholds set in 1983 were…
When Should you Claim Social Security?
There’s no single answer to that question, but there is one very important factor which is crucial for you to know when deciding, and that is your full retirement age (FRA). You FRA varies depending on the year you were…
Ten States which may Tax your Social Security benefits
Check out the accompanying article about federal income tax on Social Security benefits, and then read this one which reveals that some U.S. states also levy income tax on Social Security benefits. Although most states don’t tax retirement income, there…
Federal Income Tax on Social Security Benefits
That historic 8.7% Cost of Living Adjustment (COLA) last year was a welcome addition to everyone’s monthly Social Security benefit, but some beneficiaries may be in for a surprise when they file their 2023 taxes this year. A portion of…
“Common Law Marriage” and Social Security
Social Security’s rules regarding spousal benefits are quite clear – to be eligible for benefits based on their partner’s lifetime earnings history, the couple must be “married.” It’s the definition of “married” which often catches people applying for Social Security…
About Supplementing Your Social Security Income
Social Security was never intended to be the sole source of income during retirement; rather, Social Security was developed to be a poverty-avoidance benefit. At most, Social Security will only replace about 40% of the average monthly income you were…
Prepared for Higher Healthcare Costs in Retirement?
Retirement planning usually focuses a lot on maximizing monthly income and that, of course, is totally appropriate. Logically, the more income we have in retirement, they more comfortable we’ll generally be. But part of that whole retirement planning exercise is…
Regret Claiming Social Security? Here’s what you can do
Deciding when to claim Social Security can be a daunting exercise and, far too often, the complexity of that decision leads to just throwing up your hands up and applying, without fully understanding the consequences of doing so. Then, a…