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Social Security has three sources of revenue
Social Security revenues are derived from three primary sources, as explained by Dan Caplinger in this piece. First, the program collects payroll taxes from employees and employers. Second, it collects income taxes on the portion of Social Security benefits that are included in taxable…
Can Social Security Save Your Retirement?
Maurie Backman notes an estimated 33% of workers 55 and over have less than $10,000 set aside for the future. One of the prevailing views held by so many is that Social Security will save folks in retirement. The problem…
Millenials’ pessimism on Social Security
Abigail Narbe works at a think tank in D.C. Metro and wrote this op-ed piece on Millenials and their views on Social Security. Narbe points out 8 in 10 Millennials don’t expect Social Security support when they retire. Congress narrowly averted an irreversible collapse…
Slashed lifetime benefits – a heavy price for claiming Social Security early
Maurie Backman stresses that people filing for Social Security retirement benefits at the earliest age of 62 need to have all the information to make as informed a decision as possible. Few know you will lose 6.67% of your benefits per…
Changes to California’s Supplemental Nutrition Assistance Program
Supplemental Security Income (SSI) is a federal program that provides monthly payments to people who have limited income and few resources. SSI is for people who are age 65 or older, as well as for those of any age, including children, who…
What are the misconceptions about Social Security?
You often hear statements from friends, family and even professionals about the Social Security program that are either partially or completely incorrect. Inaccurate information can lead you to make poor claiming decisions which ultimately impacts your bottom line – sometimes…
Ways to boost your retirement income
One thing is for sure: having more money in retirement is preferable to having less. During you working years you were probably aware that the more of an effort you make to fund a retirement account, the more income you…
Tax-deferred doesn’t mean tax-free
In nearly 40 years since 401(k)s made its debut, it has emerged as one of the premier tools to save for retirement in America. In a recent poll of 401(k) participants across the country, many of them consistently say it’s…
IRS will increase Health Savings Account limits in 2020
The Internal Revenue Service announced a new, higher contribution limits for health savings accounts for 2020. Health savings accounts come with a triple tax benefits; you put money in on a tax free basis (usually through salary deferrals), it builds…
Setting Every Community Up for Retirement Enhancement Act
In an effort to improve the nation’s retirement system, the House of Representatives passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act by a 417-3 vote. The bill should soon make its way to the Senate, where lawmakers…