Latest News
Better to plan for Social Security’s 2034 crisis now
The year 2034 is reported in any article explaining the financial problems facing Social Security. That is when benefit payments will be cut automatically by about 21% unless Congress passes reform before then. The amount sent to beneficiaries in 2018…
Social Security & the rest of one’s nest egg
Over 62 million people are receiving monthly Social Security benefits in 2019. This informative piece by TD Ameritrade explains the very basics of Social Security and how individuals can maximize their benefits. It also explains how Social Security might fit in…
The Continued Ignoring of Social Security’s Problems
The Oklahoman Editorial Board writes here that both parties continue ignoring any changes to Social Security, despite the program facing partial insolvency by 2034. Morgan Stanley’s December report suggested that faster growth should delay Social Security’s insolvency “perhaps by decades.” …
Why we should talk more about money
While discussing how much money people make with each other is generally considered a taboo, in this piece Maurie Backman suggests we should be talking more about money, especially with family. He also suggests opening up more with friends and…
Social Security from A to Z
Social Security is widely known for paying retirement benefits, but the program is complex and encompasses so much more. Selena Maranjian’s piece here explains how Social Security is funded, the challenges going forward with the program, how to apply, maximizing benefits,…
Social Security: Take Now or Later?
It is often the biggest decision one could make in a lifetime, one without an easy answer. Should one take Social Security benefits the earliest age of 62, full retirement age (66 or 67 depending on birth year), or maximum…
The Social Security Restricted Application
Tom Hager explains the goals of the restricted application: maximize the high earner benefit, coordinate the benefits between the spouses, and maximize the survivor benefits. To take advantage of the restricted application one must have been born before January 2, 1954…
Retired in 2019? Do these 5 things
Selena Maranjian notes five money moves retirees should take before the end of calendar year 2019. They include: 1.) performing a financial checkup, catching up if necessary on years where savings might have been minimal; 2.) taking a required minimum distribution, if required. The deadline to…
Saving for retirement in 2019
With the average yearly Social Security benefit at just $17,532 ($1,461 per month), experts agree saving in a 401(k) plan is a “no-brainer.” Contribution limits are up $500 for 2019 to $19,000 or $25,000 for those age 50+. The most important benefits are minimizing…
Beware making a Social Security blunder
Columnist Brett Arends cautions Social Security beneficiaries against making one very bad move, in his opinion. This is it: taking Social Security early while at the same time either buying a private annuity, or taking an annuity from your company…