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An Argument For Claiming Social Security Early
Maurie Backman explains in this piece the usual reasons for delaying Social Security benefits at age 62 to full retirement age (66-67 depending on birth year) or even to age 70. Backman describes the formula for reducing benefits. But she…
Beware of Cookie-cutter Rules on Retirement
Kailey Hagen of The Motley Fool cautions against adhering to these three very simplified and well-known rules for retirement: 1. You need $1 million for retirement; 2. The 4% retirement withdrawal rule; 3. You’ll spend 70% to 80% of your pre-retirement income…
Three Social Security Traps to Avoid
Mark Singer of The Daily item Staff writes about three mistakes people make that can cost them money when they claim Social Security benefits. Singer explains the pros and of deferring spousal benefits as well as the pitfalls of remarriage as…
4 Reasons To Not Count on Social Security in Retirement
Social Security is an important program to all who contribute and/or receive benefits. But, Maurie Backman suggests younger people who are not yet collecting should not necessarily count on those benefits, as in not factor them in to any retirement…
How to Retire Rich When You Haven’t Started Saving Yet
Katie Brockman explains in this piece how personal savings is becoming the most important and critical piece to retirement. Pensions are going away. Social Security only replaces about 40% of pre-retirement income, and the program is facing insolvency. Never has…
Social Security benefits going up. Medicare premiums are too.
It’s almost an annual event. Seniors cheer a cost of living adjustment to their Social Security benefits when it is announced each October, even if many increases over the past decade have been small. Then, in November, seniors find out their…
3 Awful Reasons to Take Social Security Benefits at 65
Maurie Backman explains how folks have an eight year window to claim Social Security benefits from 62 (most common age) until 70. As for claiming at exactly age 65, if doing that is for one of the three reasons she…
Why Do So Many Claim Social Security at 62?
Katie Brockman notes the most popular age to claim Social Security benefits as age 62, with 48% of women and 42% of men claiming at this age according to a report from the Center for Retirement Research at Boston College. But…
Who Taxes Social Security Benefits?
It’s a rude awakening to find out you owe federal income tax on some of your Social Security benefits. Since the thresholds were never indexed for inflation in 1983 and 1993, more taxpayers are ensnared each year. But thirteen states also…
3 Retirement Numbers You Absolutely Must Know
Katie Brockman cites a survey from Northwestern Mutual that nearly 50 percent of Americans report feeling anxious, insecure, or even scared about their finances. She notes that knowing three critical numbers is the key to a secure retirement. First is knowing…