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Understanding Social Security’s “First-Year” Rule
Anyone planning to claim benefits before their full retirement age (FRA) needs to be aware of a nuance of Social Security that changes the flat annual earnings allowance before benefit reductions. The rule, called the “special monthly earnings limit rule,”…
Peterson Foundation Weighs In on National Debt Escalation
Calling Social Security one of the “fastest-growing drivers of the annual U.S. budget deficit,” Peter G. Peterson Foundation CEO Michael A. Peterson argued in a Fox Business post yesterday for Congress to “…get at it” and solve the impending insolvency…
An Expert Weighs In on Insolvency: “I’d like to scare Congress!”
We’ve noted many times in recent months that the rhetoric about Social Security’s insolvency predicament is rapidly ramping up, and more and more financial pundits are offering conjecture on the likelihood of a solution to avoid the projected benefit cuts,…
Working while collecting benefits…here are the rules.
Continuing to work after claiming Social Security benefits is a growing trend, either one of necessity or one of preference. Either way, the Center for Retirement Research has reported that more than 40% of Social Security benefit recipients fall into…
Registered Social Security Analysts share client opinions about Social Security
More than half of the Registered Social Security Analysts (RSSAs) participating in a study conducted by the National Association of Registered Social Security Analysts ( NARSSA ) report that their clients express doubt about whether Congress will act to correct…
Medicare Open Enrollment and AI: Be Careful!
The excitement about artificial intelligence and its potential benefits across a variety of situations is growing. No question about that. The questions that arise, though, concern the accuracy of the information returned by an AI query. Although it’s likely a…
SSA OIG Scam Alert: Protect Your SSN
Protect Your Social Security Number Protect Your Social Security Number A person pretending to be from the Social Security Administration (SSA) or the SSA Office of Inspector General (OIG) may offer to use your Social Security Number (SSN) to verify…
Claiming at 62: A Counter-Argument to the Advice to Wait
Sure, waiting until full retirement age will get you a higher monthly benefit, asn waiting even further–until age 70–will take that monthly payment even higher. Great, if foregoing five or eight years of benefits fits your situation, then go for…
Retirement Planning and Reverse Mortgages: Some Thoughts to Consider
For many seniors experiencing financial stress in their retirement years, the idea of a reverse mortgage has some appeal. It’s something, though, that needs to be carefully considered, says Dave Ransey. As an American personal finance expert, radio host, and…
More Retirees Are Taking Their Social Security Benefits at 62 Out of Fear
It is public knowledge that Social Security is facing potential benefit cuts of up to 22% in 2032. If Social Security combines the OASI portion of the Trust Fund with the DI portion, it could stay solvent through 2034. Marsha…