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Why you need to know your retirement savings goal
A recent survey from Charles Schwab shows that 54 percent of Americans don’t know how much money they need saved for retirement. Having a ballpark figure that functions as your target amount is important for number of reasons and once…
How to maximize your Social Security benefit
You may be missing a key piece of the retirement puzzle by ignoring your Social Security benefit. You can influence your eventual payout from this safety net program by making some adjustments and changes in your retirement planning. Read attached…
Not everyone will receive Social Security benefits
Nearly 63 million people receive a Social Security check each month and of these beneficiaries, an estimated 22.1 million are kept out of poverty. Social Security is still not an entitlement and not everyone will receive a Social Security benefit.…
How gray divorce can affect your retirement plans
According to Pew Research, over the past quarter-century the divorce rate among adults 50 and older rose 109 percent. There are a lot of theories about what fuels “gray divorce” but whatever the reason, couples choose to split, she or…
Will your state be the 14th state to tax Social Security benefits?
Tens of millions of American retirees rely on Social Security for the bulk of their income every month. What comes as a big surprise to many Social Security recipients is that in some cases, the federal government imposes taxes on…
Don’t make Social Security matter that much in your retirement
Many seniors today, Social Security plays a substantial role in their retirement, in fact, 21 percent of older married couples and 44 percent of older singles count on their benefits to provide 90 percent of their income. Social Security are…
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…