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Could claiming Social Security early mean financial trouble later?
You might have heard that it doesn’t matter at what age you claim your Social Security benefits, because you’ll get the same amount in total benefits as if you were to wait until later. The argument goes that If you…
Should Social Security benefits be expanded?
From at least a few Congressional Representatives in Washington as well as some so-called “pundits”, we regularly hear calls to expand Social Security benefits. Few would deny the program’s importance to the well-being of American seniors, and many are kept…
The Health Savings Account – A triple-tax-free investment
Health Savings Accounts, or HSAs, are an excellent investment vehicle used to pay for healthcare expenses using tax free money. Of course there are restrictions for how much you can contribute and what the funds can be used for, but…
Social Security recipients beware – another phone scam
It seems there is no end to the number of scams that criminals will attempt to relieve even the most vulnerable among us of their money. The latest scam making the rounds is a fake phone message from someone pretending…
More on the possible 2019 COLA increase
In this CNBC article by Lorie Konish, the author examines the current projections for a 2.8% COLA increase starting in 2019, including how that might affect benefits for the average Social Security recipient. While many beneficiaries this year saw their COLA…
Speculation begins – what will next year’s COLA be?
It’s that time of year again, when speculation abounds on next year’s Cost of Living Adjustment (COLA) for Social Security recipients. COLA is based upon each year’s 3rd quarter (July – September) inflation index known as the CPI-W (the Consumer…
“WEP” and “GPO”: Two reviled Social Security rules
The Windfall Elimination Provision, or “WEP”, and the Government Pension Offset, or “GPO” are two provisions of the Social Security act intensely hated by those affected, mainly workers in about 27 U.S.states where public service employees and employers do not contribute to the…
Retirement: Defined benefit plan vs. defined contribution plan
Simplistically, a defined benefit plan is an employer-funded pension in return for years of dedicated service, whereas a defined contribution plan is a much more portable plan funded by the employee and often supplemented by an “employer match” of a…
Social Security numbers used by illegal aliens to get jobs
Research by an immigration reform organization revealed that between 2012 and 2016, there were about 39 million instances of the Social Security number on employer-submitted W-2 income tax forms not matching the name on file with Social Security. According to the…
Are there “flaws” in the Social Security system?
There can be little argument that the Social Security program is a lifeline to tens of millions of Americans who rely on it to stay above the poverty line; fully 64% of the program’s 62.5 million beneficiaries rely on it for at…