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Social Security Spousal Benefits: Three Things to Know
In this piece, Todd Campbell explains what married and divorced people should know about qualifying for Social Security spousal benefits, as this information could significantly increase your retirement income. There are a myriad of rules on who can collect spousal benefits and how much…
Turning 65 in 2019– Here’s your “Need to Know”
Dan Caplinger’s piece here states the most important thing about turning 65 is that you become eligible for Medicare, the first opportunity for most people to gain eligibility for this important healthcare program. But, unless you’re already getting Social Security, signing up for…
Writer Advocates Tax Increases to Solve Long-Term Social Security Problem
Alicia H. Munnel of Barron’s opines here that taxes should be raised to solve the Social Security solvency problem and pay full benefits over the next 75 year time horizon. Social Security’s long-run deficit is projected to equal 2.84% of covered payroll…
Social Security More Important Than Many Think
A recent survey from Provision Living notes just 39% of Americans say they’ll need Social Security to make ends meet during retirement. The study also states the average amount baby boomers say they’ll realistically have saved for retirement is $228,000. However, according to the Bureau of…
No More Talk; Time to Act on Social Security Reform
Ken Morris, Vice-President of the Society for Lifetime Planning, wrote this opinion piece for the Media News Group. Morris notes the looming insolvency of The Social Security Trust Fund in 2034, a fact displayed at the bottom of all benefit statements…
The Social Security Payroll Tax Does Not Hit All Income
The Social Security payroll tax brings in over 87% of the revenue in order to fund Social Security benefits. Sean Williams writes here about the seven sources of income NOT subject to the 12.4% payroll tax (split evenly between employee…
Health is a key factor in deciding when to take benefits
You can take Social Security retirement benefits at age 62, 70, or any age in between. Every person should put ample thought into the decision, because the age at which one files for benefits will generally dictate how much monthly…
Retirement Withdrawals & Social Security: Be Strategic
Social Security benefits are taxed above a certain threshold, so it is important for all beneficiaries to know what these limits are in order to avoid or at least minimize income taxes on benefits. It is often best to withdraw…
How Delaying Filing Can Produce Benefits in the Long Run
As the late Tom Petty crooned, “The waiting is the hardest part.” When it comes to filing for Social Security benefits, many would agree, since the impulse to grab the money at the earliest possible time is pretty strong. But as…
COLA Watch: 2020
It’s way too early to project what the numbers will show when it’s time to post the Social Security cost-of-living adjustment (COLA) for 2020, but at least one source is saying a return to the zero COLA days might be in…