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What are the retirement savings options for the self-employed?
According to a study from The Pew Charitable Trusts, only 13 percent of self-employed people who run a single-person business participate in a workplace retirement plan. So, if you’re your own boss, chances are you are not doing enough to…
What is the true cost of delaying your retirement savings?
It’s up to you to save for your retirement. Most of us fall into the trap of thinking we have plenty of time to save, but retirement costs more than many people realize and the years always go by faster…
You could be entitled to spousal benefits
A significant amount of retirees rely on Social Security as their primary income source in retirement. The Social Security system is designed not only for those who worked outside the home, but for those who worked inside the home. Spouses…
Born in 1957? You can claim Social Security this year, but consider waiting longer
Most people know that 62 is the earliest age at which one can claim their Social Security retirement benefits – the benefit they’ve earned from a lifetime of working. But claiming your benefits as soon as you’re eligible is quite…
Social Security expands the “Compassionate Allowance List”
Despite all of the stories you often hear about delays when applying for Social Security Disability Insurance (SSDI) benefits, Social Security actually does have a process for expediting claims which involve illnesses or diseases which, by their very nature, qualify…
What happens when an employer receives a “No Match” letter from Social Security?
“No Match” letters, officially known as “Educational Correspondence/Employer Correction Requests” (or “ED/ECOR”) are once again being issued by the Social Security Administration when the information on file with Social Security does not align with information submitted by the employer about an…
House proposes higher payroll taxes for Social Security
Most know by now that Social Security will be facing solvency issues in less than two decades, and rhetoric abounds on the best way to fix the problem. A recent proposal by Rep. John Larson (D-CT) in the House of Representatives…
Three ways to fill in Medicare’s coverage gaps
Many people assume that Medicare is the only health insurance you need in retirement but find out later that you may want to find a separate insurance policy to cover Medicare’s significant deductibles and copayments, and to fil in coverage gaps.…
Everything you need to know about a Roth IRA
With a Roth IRA you can save for retirement, earn compound interest and get a tax break all at the same time. Then why aren’t more Americans taking advantage of this? According to a study from Northwestern Mutual, close to…
How much Americans have stashed away for retirement
The percentage of households with retirement accounts including defined contribution (DC) plans and IRAs increased across income levels between 1989 and 2016 according to a new study from the Government Accountability Office (GAO). However, this does not necessarily mean everyone…