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When to Withdraw From Your IRA Before Claiming Social Security
Christine Benz from Morningstar.com interviews IRA expert Ed Slott in this video and transcript. Slott discusses instances where it may make sense for retirees to pull money from their IRAs and delay applying for Social Security, the opposite of what many…
Social Security: employers have to follow the rules
Adam C. Uzialko of Business News Daily takes employers through the basics of Social Security and Medicare, how to comply with the rules, and penalties in this informative article. The Federal Insurance Contributions Act (FICA) lists the obligations when it comes to…
Grabbing Social Security as early as possible has downsides
With some articles and experts saying take benefits as early as you can and others saying to wait as long as possible, it’s no wonder Americans ageing into Social Security are confused and bewildered. Maurie Backman focus on these three…
Beware higher Medicare premiums & income tax on Social Security if you work
In this comprehensive article, Mary Beth Franklin cautions financial advisers to advise clients collecting Social Security and/or Medicare that earned income above certain thresholds can come with higher tax bills. It is important to note that income limitations, officially known as the…
Social Security Benefits for Parental Leave? It’s a Real Idea
Sen. Marco Rubio (R-FL) and Rep. Ann Wagner (R-MO) are introducing The Economic Security for New Parents Act. The bill would allow new parents to use their Social Security benefits for parental leave in exchange for delaying their retirement by…
Beware of the tax man when taking Social Security while earning other income
While the benefits of delaying Social Security benefits until full retirement age or even age 70 are well documented (you get a guaranteed raise each year delay), a lesser know reason to delay is to avoid a tax bite. As…
Claiming benefits early is right decision in some instances
Jill Cornfield of CNBC first dismisses all the hysteria about Social Security going away and then addresses the three instances when folks really should consider taking their benefit early. In short, married women (when other spouse had the higher income),…
The benefit of just one more year of work before retiring
Maurie Backman suggests adding just one more year before calling it quits could be a financial boon to workers who are thinking about starting to collect Social Security. In addition to an increased monthly benefit, 8% more if between 67…
Gen X and thinking about retirement? You’ll need $2.5 miilion
Michael Douglass, writing for The Motley Fool, notes that those in Generation X (those born roughly mid 1960s to early 1980s) are going to need $2.5 million in retirement. This is a large sum, but one must consider inflation ($2.5…
Forget the COLA. Shaving small amounts in your budget can yield more
Much has been in the news recently as experts speculate that the Social Security cost of living adjustment (COLA) due to be announced in October could be among the highest in a decade. But the reality is the COLA does a…