Latest News
You Social Security “full retirement age”, and how it affects your benefit
When the Social Security program was first enacted, everyone had the same “full retirement age” of 65, and that was the age at which you could collect the full amount of benefit you had earned from your lifetime of working.…
Today’s retirement: Not like the old days!
The entire retirement landscape in American has changed. Years ago, working for the same company for a lot of years rewarded you with a pension to help sustain you in your golden years, but those traditional defined benefit retirement plans…
You can’t live comfortably on Social Security alone
With an average annual benefit of about $17,000, the average recipient cannot live comfortably on Social Security alone. After all, Social Security was never intended to replace any more than 40% of your pre-retirement income, and most financial planners will say…
Taking SS benefits at age 70 versus age 66
According to the latest Trustees’ report, Social Security could be facing benefit cuts up to 21% if the Trust Fund goes dry in 2034. That has led some to suggest that in the face of potential benefit reductions, taking Social…
More Discussion on Social Security Reform
Former presidential appointee and current senior policy fellow at the Bloustein School of Planning and Policy, Rutgers University Richard Keevey shares some thoughts on approaches to reforming Social Security in the face of its looming insolvency problem. After discussing the Congressional Budget…
Disability and Social Security Spousal Benefits
The question of how a spouse’s SSDI benefits relate to the ability to apply for benefits on the other spouse’s work record is one that arises frequently. Newsday’s Lynn Brenner provides an analysis of these two types of benefits coincide, including…
Envisioning Retirement…A Way to Help You Get There
A recent Capital Group survey sheds light on the power of imaging in one’s mind what a desirable retirement will be, noting that “When people envision how they want to live in their retirement years, they are motivated to save…
Understanding the Retirement Savings Contributions Credit (Saver’s Credit)
Kiplinger contributing editor Kimberly Lankford offers a briefing on the IRS Retirement Savings Contributions Credit (Saver’s Credit), a tax provision designed to provide incentives for certain individuals to add to their financial savings. Her post highlights the rules and the mannder in which…
Social Security’s Future: The Millennial Perspective
Call them Generation Y, Gen Y, or “echo Boomers,” but know one thing: this group of future retirees called Millennials appears to be growing worried about the future of Social Security. Millennials, generally considered to be those born from the…
Giving Thanks for the Watchdogs
On this Thanksgiving Day, let’s add a note of thanks for those who keep track of the never-ending stream of scams and frauds coming at us all the time. IN this regard, the editorial staff at petoskeynews.com recaps a comments from the…