Latest News
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…
Social Security–Understanding the Basics
The results of a recent SimplyWise survey quiz recapped by Ginger Szala, executive managing editor of Investment Advisor magazine, in a ThinkAdvisor post suggests that very few folks can accurately answer basic questions about their Social Security benefits. The five-question…
The Importance of Having “The Talk” With Parents
It’s difficult, certainly, but the sooner children have a discussion with their parents about the financial aspects of retirement the better prepared everyone will be when the calendar carries them to the point of entering that “golden age.” This article…
Social Security Launches New Campaign to Fight Scammers
(Source: Social Security Administration) Recently, we launched a new Public Service Announcement campaign as our latest step to caution you about the ongoing nationwide telephone impersonation scheme. The videos feature a message from our Commissioner, Andrew Saul. Along with our Office of…
Impact of 2020 COLA Called “Troubling”
Sure, it was better than nothing, but not much better. As The Motley Fool’s Maurie Backman notes in a post on their website, “… a monthly boost of $10 or less isn’t going to do much for the typical retiree.” The $10…
Cutting Expenses in Retirement–A Strategy Many Look At
Whether it’s moving to a state where retirement benefits are not taxed, or simply downsizing your home in those later years, many are seeking ways to match their assets to their needs as they enter those “folden years.” Of course,…
Don’t Forget the Tax Consequences!
The inadequacy of retirement savings for most of America is a well-published situation. But for those who believe they have created a comfortable financial cushion, it’s a good idea to verify that the consequences of taxation are correctly factored into…
The Importance of Due Diligence in the Representative Payee Selection
For those Social Security and Supplemental Security Income beneficiaries (SSI) who need help managing their finances, it’s critical that the source of this help be carefully selected. Social Security has published guidelines to aid folks in this process, A Guide for…
The Maximum Social Security Benefit…and How to Get it
Everyone—at least theoretically—likes to get the most out of a program they can. When it comes to Social Security benefits, that preference continues, although it’s true that getting the maximum benefit is a futile effort for most people. A post…