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How to figure out if your retirement savings will last
According to the data provided by the Bureau of Labor Statistics, the average annual budget of a retiree is $46,000, with the top three-monthly expenses are housing, health care and food. So, by looking at the income, living expenses and…
Not enough companies offering phased-retirement
According to the 2018 Longer Working Careers Survey, only 1 in 10 large employers offers a formal phased-retirement program that lets workers cut back their hours or responsibilities before they quit work entirely. Also, the survey found fewer than 1…
The Misunderstood Social Security Earnings Test
Social Security’s retirement earnings test is misunderstood and complicated. Those who claim retirement benefits before Full Retirement Age and continue working have 50 cents withheld for each dollar earned above $17,640. But, any benefits withheld under the earnings test are effectively…
Income Tax on Social Security Benefits? Yes, in 13 states
The federal government taxes up to 85% of Social Security benefits, depending on your income. Thresholds have not been raised since 1993 so more middle income filers face this prospect. But, this Kiplinger’s article focuses on the 13 states that also tax…
Besides your 9-digits, you must know THIS number
Social Security benefits are calculated based on earnings from your top 35 working years. But the age at which you initially file causes that number to fluctuate substantially. If you wait until full retirement age to collect benefits (66 or 67 depending on…
Last group eligible in 2019 for spousal claiming strategy
Mart Beth Franklin explains in detail and seeks to clear up confusion on who is and who is not eligible for a particular spousal claiming strategy. In short, those born after the Jan. 1, 1954, cutoff date will never have…
File for and then delay benefits explained here
Tom Margeneau is an expert of Social Security rules and regulations who writes articles nationally. He devotes this week’s column to people turning 66 before Jan. 2, 2020. They can use a legal loophole allowing them to file for spousal benefits…
Don’t tax or expand Social Security for the rich
Andrew Biggs of The American Enterprise Institute argues Social Security needs targeted reforms, not an across-the-board benefit increase for many retirees who already are doing well, as is being proposed in the House Democrats proposal known as The Social Security…
Social Security Disability and Work
The inability to engage in substantial gainful activity is the general criteria to apply for Social Security Disability benefits. This article by Rachel Hartman takes readers through the specific and detailed guidelines for eligibility as well as how to apply. …
Tortoise & Hare: Who gets more Social Security?
Michael Taylor has some fun here explaining exactly how Social Security benefits are calculated using one’s annual income and number of years in the workforce. In this light-hearted example, who would get more in retirement, a hare would earned the maximum salary (currently $132,900)…