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Why you should not count on Social Security for your retirement
The Employee Benefit Research Institutes reports an estimated 59 percent of retirees today regard Social Security as a major source of income. This is a troubling for many reasons. First, Social Security benefits are only designed to replace about 40…
Beware of these new Social Security phone scams
According to a report from BeenVerified, the Social Security phone scam is by far the most common phone scam this year with an astonishing 23-fold rise in frequency. The study found spam calls targeting Social Security numbers accounted for a…
From AEI – Rethinking the “Retirement Crisis”
American Enterprise Institute Resident Scholar Andrew G. Biggs offers conjecture on what many sources term “America’s retirement crisis.” In his opinion, the “crisis” is overblown, and he presents a statistical view to support his opinion. The video presentation, posted on…
“Elder Index” Points to Financial Problems for Single Seniors
The Center for Social and Demographic Research on Aging at the University of Massachusetts in Boston reports that ” … more than four out of 10 older singles are at risk of being unable to afford basic needs and age in…
Retirement Confidence and Preparedness Suffer Among Women
A study issued by Transamerica Center for Retirement Studies presents a series of facts suggesting that many women are ill prepared for a comfortable retirement.The study report presents 19 separate facts intended to “raise awareness of retirement risks that women face…
The Psychology of Retirement Fund Withdrawal Strategies
If your personality can classify you as an extrovert and more organized and thorough in your financial deliberations, you are more likely to avoid totally depleting your retirement funds early. Conversely, if you’re often worried or stressed or have an…
Truncated Social Security Numbers to be Allowed on W-2s Beginning in 2021
In a move designed to assist employees in protecting the privacy of their personal financial data, the Internal Revenue Service (IRA) has authorized employers to redact the first five digits of employees’ Social Security numbers on Forms W-2 produced after…
More on Working While Drawing Benefits
There are a few key points those electing to continue in the workforce after starting Social Security benefits should be aware of, from the Earnings Test implications to the potential taxation of benefits as a result of income levels. TheStreet’s Retirement Daily editor…
What should I do if I get a call claiming there’s a problem with my Social Security number or account?
(Source: Social Security Administration) If there is a problem, we will mail you a letter with your Social Security number. Generally, we will only contact you if you have requested a call or have ongoing business with us. Recently, scams—misleading…
The Earnings Test: Understanding How Withheld Benefits are Repaid
In this post on forbes.com, professor of economics at Boston University and Forbes contributor Laurence Kotlikoff provides an explanation of the manner in which benefits withheld as a result of the Social Security Earnings Test are factored back to the…