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How Much Money Will You Actually Get From Social Security?
Kailey Hagen notes it’s partly up to people themselves as to the amount they will actually receive. This short but comprehensive article explains how benefits are calculated. Hagen provides the usual good advice to maximize income by working a full…
Indirect fixes not enough to cure Social Security’s ills
Sean Williams notes that President Trump rarely talks about Social Security changes or fixes because the President believes a strengthening economy is the cure for what ails the program. Indeed, Williams notes that tactic worked in 2018, as payroll tax revenue…
Does the Age You Claim Social Security Actually Matter?
Theoretically if one lives to exactly an average life expectancy, then the result is the same no matter when benefits began. Collecting early (one can start as early as 62) means smaller checks, but more of them. Claiming later (age…
Government Pensions Can Reduce Social Security: A Primer on WEP
Christy Bieber explains the Windfall Elimination provision’s (WEP) rationale and what happens in practice to those who worked some of their lives in a job where they paid into Social Security and some of their lives when they did not. As…
Why Are Social Security Benefits Taxable?
According to Sean Williams of The Motley Fool, about 50 percent of all seniors receiving Social Security will owe some amount of income tax on their benefits this year. Williams provides a brief history of how and why benefits became…
HSAs and Medicare’s six-month retroactive rule
More people are electing to remain in the workforce past age 65. When they first become eligible for Medicare, those older workers can face tax penalties for funding a Health Savings Account after 65 if they are not aware of…
Small business owners lack retirement preparation
Business owners are often tempted to reinvest everything into their businesses thinking that will be their “retirement plan.” But that can be a mistake. Business owners are like everyone else, they want to make sure they will have enough money…
Is our retirement system ‘flawed’?
We see it and hear it every day: Americans have little or no retirement savings. According to a new report from the Economic Policy Institute, the problem is that while 401(k) plans are meant to supplement Social Security, the average…
Seasonal Work While Getting Social Security
(Source: Social Security Administration) Many people pick up side jobs when the holiday shopping season comes around. It’s a good way for you to make some extra income during the busy season or ease back into working if you have…
Rescuing your retirement plan after a divorce
No one plans to get divorced, but it happens. While a traumatic life event like a divorce can create a lot of stress and anxiety about your future, you need to plan for your own retirement dreams, goals and desires.…