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Retirement planning and Social Security solvency
Financial planners often get questions from their clients about Social Security, where it fits in their retirement plan, and what happens if benefits are cut due to Social Security’s financial issues. The answer is never simple, of course, but this…
Social Security for divorced women
In this article appearing at www.tucson.com (Arizona), Tom Margenau, a long-time but retired employee of the Social Security Administration, answers questions from divorced women about their benefit options. Social Security for divorced women is governed by a somewhat different set…
When should you take Social Security? It depends
When to take Social Security? It’s a normal question, but not so easily answered except to say “It depends”. It depends on whether you really need the money; it depends upon how long you can expect to live; and it…
Lift the payroll tax cap? Both sides of the discussion
Given that Social Security’s Trust Fund balance of nearly $3 trillion will soon start to be depleted, there’s much discussion these days in the halls of Congress, and also in the Media, about eliminating the annual payroll tax cap. The…
Working women with children get short-changed in Social Security
In today’s two-earner families, it seems that women who take time off to have and care for their children are paying a price for it when the time comes to collect their Social Security benefits. That’s because Social Security benefits are…
Beware of the lurking “tax torpedo”
This CNBC article by Ilana Polyak reveals how those already on Social Security may be in for a financial surprise she calls the “tax torpedo” when they reach age 71 and need to start taking required minimum distributions (RMDs) from…
The 2018 Social Security increase: Will you see it?
Because Social Security makes up a large part of retiree income, beneficiaries are naturally elated with the news that 2018 will see the largest COLA increase in 6 years, a 2% bump in benefits starting in 2018. But hold on! …
Paying FICA and taxing Social Security benefits
Some who still work after reaching their Social Security full retirement age are surprised to find they still need to pay FICA tax on their earnings. Not only that, Social Security benefits can become taxable if certain income thresholds are exceeded. …
Work out your retirement budget now!
If you’re at that age, say in your 50’s, where you’re starting to think about retirement somewhere in the not-too-distant future, now is the time for you to sit down a plan what your future is going to look like…
Baby boomers feeling better about their retirement outlook
Baby boomers, the generation of workers retiring now, are feeling better about their retirement future these days, according to a new study. A large majority are feeling more secure and optimistic that they’re well prepared for their golden years, but…