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You Don’t Have a Personal Social Security Fund
Quite high on the list of misunderstandings about Social Security is that all of the money you contribute to the program over your lifetime goes into a personal account especially for you, from which your future benefits will be paid.…
Bad Moves That Hurt Your Social Security
Deciding what to do about Social Security is not something to be undertaken lightly, because decisions made now will affect you for the rest of your life. Except for cost of living adjustments, the amount you get when you claim…
Healthcare Costs – A Retirement Land Mine
Planning for retirement can be an arduous task. After all, it’s all about predicting the future and how much money you will need during your so-called “golden years,” the duration of which is also uncertain. But most people can, by…
Candidates Social Security Plans Fall Short of Resolving Issues
Both of the front-running Democratic presidential hopefuls – Joe Biden and Bernie Sanders – have floated plans to reform Social Security. While it’s refreshing to see that Social Security is finally coming to the forefront of American politics, an independent…
Planning to take Social Security Early? Avoid these pitfalls
Your full retirement age, or “FRA,” for Social Security purposes is the guidepost which governs how much your benefit will be if you claim at any other age. For example, claiming before your FRA will mean a reduced benefit, and…
Retirement Planning: Expect the Unexpected
Every financial planner will tell you how important it is to create a retirement plan, and to do so sooner rather than later. Indeed, the longer you wait to plan your retirement, the harder it will be realize the goals…
Social Security for a Spouse
In this article by Elaine Popejoy, Social Security’s Bloomington (IL) District Manager, the author describes how important it is for a married couple to consider Social Security benefits for both partners. That is especially important for a spouse who was…
Nervous about the Market Slump? Don’t Claim Social Security Because of it
With the financial markets free-falling as they have done in recent weeks, many people may be tempted to claim Social Security as a hedge against their market losses. But, slumps such as the financial markets are experiencing now are not…
Some States Tax Social Security Benefits Too!
Everyone who already collects Social Security surely knows that the Federal Government can collect income tax on your Social Security benefits if your income from all sources is high enough. But many are surprised to find out that, depending upon…
Claiming at Age 62 means a smaller Social Security payment for life
Boiled down to the essential, the age at which you claim Social Security has a big impact on how much your benefit will be. It all starts with what your benefit will be at your full retirement age (your “FRA),…