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Social Security a bit different for the self-employed
You may know that 6.2% Social Security payroll tax is deducted from worker paychecks. Employers pay the same amount as well, but self-employed people pay the combined 12.4%, or a combined 15.3% when Medicare tax is included. The process to…
Forced to Retire Earlier Than Planned? Here’s What to do Next
According to the Center for Retirement Research (CRR) at Boston College, 37% of people retire earlier than planned. Reasons can be poor health, job loss, or a familial shock. Kailey Fralick explains the importance of evaluating one’s retirement plan when the unforeseen…
Tax Reform Missed Changes to Income Tax on Social Security
As Dan Caplinger explains, tax reform did nothing to change income taxes or the thresholds where they kick in for Social Security benefits. The amounts where taxation begins were never indexed for inflation, meaning more people hit the threshold each…
Huge Boost to Social Security pay – if you can wait for it
Just 3% of Social Security recipients wait until age 70 to begin benefits. That’s too bad according to nearly all the experts, as starting them at age 70 allows one to collect the absolute maximum monthly benefit. The benefit increase…
The simplest way to grow your savings
With Social Security replacing only about 40% of pre-retirement income, there is an urgent need for workers to save more money. Automatic savings through payroll deduction is the easiest way to save, as the money is deducted before it can…
Three reasons NOT to take benefits at age 62
Christy Bieber of The Motley Fool believes a lack of understanding about how Social Security works is the cause of so many people starting benefits at age 62. Doing so permanently reduces benefits for one’s entire lifetime. The first of the three worst reasons to…
A brief, informative history of Social Security
Emily Brandon of U.S. News discusses how Social Security benefits have changed over time. She provides answers to these questions, among others, including how the program has modernized in the last six years. What Is the Social Security Act? When Was Social…
Deficits due to begin with Social Security in 2019
This year is widely believed to be the year we turn the corner and that Social Security will pay out more to beneficiaries than it collects in revenue, most of which comes from current workers with the payroll tax. Deficits…
Social Security – Here are some basics
Social Security is unarguably one of America’s most important benefit programs for seniors, with over 60% of beneficiaries relying on it as a “major’ source of income. Given the program’s importance to your retirement future, there are some basic facts which everyone who will…
How your Social Security survivor’s benefit works
The trauma of losing a spouse is difficult, and if you’re a survivor who will need to depend upon your Social Security income there are some things you should know. If it’s larger, the benefit from your deceased spouse will…