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Working and collecting Social Security? What you need to know
About 20% of people age 65+ now work full or part-time, up 50% from 2000. It is important to understand the rules regarding work while collecting Social Security benefits. If you work before reaching full retirement age (66 or 67), then there…
Resist urge to claim benefits at 62 – Here’s why
Most people do file for Social Security benefits early, at or close to age 62. The drawback is permanently lower monthly benefits for life. For someone with a full retirement age of 67, claiming at 62 means a 30% reduction. …
Ask these four questions before signing up for Social Security
Sean Williams notes the four components that determine monthly benefits at full retirement age. They are work history, earnings history, year of birth, and the age one claims benefits. Waiting as long as possible (to age 70) will greatly increase one’s monthly…
Lump sums, future income, and spousal benefits explained
When one decides to take Social Security will impact monthly benefits for a lifetime, so it is important to consider all options. Laurence Kotlikoff, professor at Boston University, addresses a number of questions in this column, including how a lump…
Social Security Fast Facts
Glen Harding of Money Talks lists a number of interesting, and less well known, facts about the Social Security program. Consider, for example, that the trust funds exceed all but the nine largest countries’ gross domestic products. Social Security is also…
Professor argues for higher Social Security taxes
Professor Joel McNally, writing in The Shepherd Express, notes how, over the past several years, college students have shown little faith in Social Security actually being there for them in their own old age. McNally advocates for the more liberal position of…
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…