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More on Bloomberg & possible Social Security cuts
Will he or won’t he cut Social Security? Jon Schwarz writing for The Intercept seems to think so as he reviews the former mayor’s record. Schwarz analyzes the Bloomberg presidential campaign’s official proposal for Social Security and retirement. That the plan leaves open…
Beware: Some Social Security Tips Could Do More Harm Than Good
Katie Brockman discusses familiar territory in this piece by stating people should try to maximize their Social Security benefits, as they will be what sustains people in retirement by keeping them out of abject poverty. But she cautions those who don’t expect to…
Don’t Put Off Retirement Planning Until Your 40s
Kailey Hagen’s message here to folks who might wait to save is to not do it. You give up valuable years of compound interest by stalling and thus make a decent retirement tougher. According to a study from the Empower Institute,…
Beware these 4 Social Security “land mines”
Maurie Backman cautions those getting ready to start Social Security retirement benefits to avoid making any of the following four mistakes: 1. Not knowing your full retirement age (it is now 67 for most folks); 2. Not understanding what goes into your benefits…
Many Americans Have Zero Retirement Savings
It’s a shocking truth– 35% of Americans have no money set aside for retirement at all, according to a FinanceBuzz survey released in January 2020. The belief that Social Security benefits will take care of folks leads people to not save, but those monthly…
A Sad Reason to Claim Social Security at 62
Experts will often tell you it matters not when you take Social Security because taking it early means drastically lower checks but more of them. Claiming later yields a substantially higher monthly benefit, but fewer checks overall due to the years…
5 Common but Avoidable Retirement Mistakes
Maurie Backman cautions seniors not to steer clear of five retirement blunders, in order to avoid spending their golden years as unhappy and/or financially strapped. She states do NOT, 1. Claim Social Security at the wrong time; 2. Underfund your IRA or 401(k);…
Social Security Strategies to Increase Your Monthly Checks
According to the Social Security Administration about 1 in 5 married couples and close to half of unmarried individuals rely on their monthly benefit checks for at least 90% of their income in retirement. With benefits only replacing 40% of pre-retirement…
Can a Higher Wage Cap Save Social Security?
Currently the first $137,700 in earnings is subject to the 12.4% Social Security payroll tax (split evenly between employees and employers). All of the Democrat candidates suggest increasing it, and The Social Security 2100 Act working its way through the…
Replacing Income in Retirement
A general rule of thumb is people will need 70 to 80 percent of pre-retirement income to adequately fund their golden years. But with Social Security replacing only 40 percent, the rest must come from savings, pensions, or 401k withdrawals. Christy…