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All about 401k plans
Maurie Backman discusses 401k plans in depth in this piece. Since Social Security replaces only about 40 percent of pre-retirement income, and traditional pensions have largely gone the way of the do-do bird, 401k plans have become a crucial pillar for…
Delayed Retirement Credits Explained
Christy Bieber explains delayed retirement benefit credits in depth. In a nutshell, one of the most straightforward ways to earn delayed retirement credits is to file for benefits after reaching your government-designated full retirement age (FRA). This is between 66 and 67 depending on…
Yes income tax is due on Soc Sec benefits in some cases
Seniors are often stunned to find out they must pay income tax on some of their Social Security benefits. It’s not always avoidable, but some planning can help. Katie Brockman’s easy to understand piece here explains the thresholds for when…
Eye on the Pie: More money for Social Security
Morton Marcus is an economist, writer and speaker. His piece takes readers through Social Security’s long-term financial problems, attributing them to the following: 1. We’re living longer than expected. 2. People are retiring too early. 3. Congress gave an increase in…
This Social Security scam is just evil
Michelle Singletary of The Washington Post reports on ever more bold schemes to get people to hand over personal information. This latest is a somewhat typical “go buy gift cards right now” scheme. She shared the following tips from the…
Is It Too Soon to Estimate My Social Security Benefits?
Since Social Security often winds up being a substantial income source for many in retirement, knowing what your benefits will look like ahead of time can help in retirement planning. The Social Security Administration (SSA) issues annual earnings statements that summarize one’s annual income for…
Should You Extend Your Career and Thus Delay Retirement?
In deciding whether or not to postpone retirement and thus realize the highest Social Security monthly benefit possible, Maurie Backman suggests asking oneself these four questions: 1.) What do my savings look like? Social Security only replaces about 40% of pre-retirement…
Why Millennials Should Take Social Security at Age 67
Sean Williams of The Motley Fool stresses that Millennials’ fears about Social Security running out of money are untrue and misguided. As long as there is a payroll tax with workers contributing the program will exist. That some congressional changes…
Increase savings as hedge against future Social Security cuts
With all of the coverage the topic has received recently, most already know that Social Security recipients may be facing benefit cuts in 2035 unless Congress soon gets serious about reforming the program. Will the cuts actually happen? While it’s…
New hiring freeze at the Social Security Administration creates some uncertainties
Newly appointed Social Security Administrator Andrew Saul, as one of his first management acts, implemented a partial hiring freeze at the Agency which has left some areas of the SSA, as well as unions representing employees, somewhat unclear about how…