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How to Retire Rich Without Social Security
Social Security is facing long term financial challenges, with benefits cuts to all due to take effect in 2034 or 2035 without congressional reform before then. Nilus Mattive of The Daily Reckoning suggests five strategies that would allow one to avoid…
What Is a Backdoor IRA?
As Todd Campbell explains in this Motley Fool article, there’s no such thing as an official backdoor Roth IRA. Because high-income earners cannot directly contribute after-tax money to a Roth IRA, they must fund one through the backdoor approach. Note, traditional IRAs have no income…
Full Retirement Age – Few know what it is or what it means
Do you know your full retirement age as it pertains to Social Security? Apparently not many Americans do. It is easily mixed up with early retirement age and maximum retirement age. Maurie Backman explains that what it is and when…
Social Security billing problem with Medicare premium deductions
About 250,000 Social Security recipients have not had their correct Medicare Advantage or Part D premiums deducted properly for five months. The Social Security Administration (SSA) just discovered the problem. That means a quarter of a million people will soon…
Younger Workers Ready to Give Up on Social Security
In yet another in a slew of polls in as many years, pessimism about Social Security abounds. According to Northwestern Mutual’s 2019 Planning & Progress Study, 22% of non-retired Americans think it unlikely that Social Security will be available to pay them…
Memorize these three Social Security rules
Since most people will rely on Social Security benefits to at least some degree in their golden years, maximizing those benefits should be a goal. Doing so means understanding three main rules, according to Maurie Backman. First, even though age…
How Working During Retirement Will Change Your Social Security Benefits
There are a myriad of reasons that people choose to work during retirement, from enjoyment o necessity to somewhere in between the two. According to a survey from the Insured Retirement Institute, about 33% of baby boomers say they plan to work…
Smaller Social Security Raise Predicted in 2020
Forget a repeat of the 2.8% cost of living adjustment (COLA) Social Security recipients received this year, according to Dan Caplinger’s analysis of inflation data for this year to date. He explains the CPI-W index used to calculate the COLA…
Record High Reliance on Social Security
Social Security has been wildly successful as an anti-poverty program, but it was never intended to become a primary source of income for older Americans. The program only replaces about 40 percent of pre-retirement income. The Gallup Organization’s new survey, however,…
Will you tell the truth about your retirement?
Retirement planning is almost always about the financial aspects of your future – do you have enough money saved? Will you have enough income to pay for your essentials during retirement? And things of that financial nature. But almost equally…