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Filling the income gap while delaying Social Security
The concept is really quite simple: Delaying Social Security benefits means your benefit amount will be bigger when you finally apply. But delaying benefits might also mean that you’ll need to find another source of income while you wait for…
What is the real Social Security maximum benefit?
Most times, when you ask what the maximum Social Security benefit amount available might be, the answer you get will be whatever amount is set as the maximum monthly full retirement age benefit in any given year ($2,687 in 2017).…
When to give your Social Security number, and when not to
Despite its not being originally intended as an identification method, your Social Security number has evolved over the years to become the de facto method of identifying yourself. As a consumer, it’s not at all unusual for your utility company,…
Health Savings Accounts–A Rapidly Growing Retirement Savings Strategy
Called “one of the most attractive investment vehicles available in the marketplace,” Health Savings Accounts (HSAs) are rapidly becoming a major force in the retirement planning industry. Citing a trifecta of benefits (tax conductible contributions, tax deferral of earnings, and tax-free…
2018 COLA Watch…It’s Now Looking Like a Range of 1.5% to 2%
Consumer Price Index (CPI) figures for August point toward the strong potential for a Social Security cost of living adjustment between 1.5% and 2% for 2018, according to a post today by The Motley Fool’s Dan Caplinger. With just one…
The Upside of Filing for Social Security Early
So much has been written in the financial press about the benefits of waiting to file for Social Security–and therefore receiving a larger monthly amount–that folks who have filed early are often led to believe they’ve made a crucial mistake.…
Understanding Social Security’s Upper-Level Benefits
In 2017, the “maximum” monthly benefit available to a beneficiary retiring at their full retirement age is $2687, an amount that generally moves yearly based on National Average Wage Index. For those waiting until age 70 and earning Social Security’s delayed…
Taking a Look at Reverse Mortgages as a Social Security Deferral Strategy
Many financial advisors suggest the federal government’s reverse mortgage program as a way to put off filing for Social Security benefits. Yes, the influx of cash can enable one to defer filing, but is it always the right thing to do?…
It’s time to replace the Social Security number as identification
The theft of personal data, including Social Security numbers, on 143 million Americans shines the spotlight on a big national issue: We shouldn’t be using Social Security numbers as a means of identification in the first place. The Social Security…
Social Security 101
If you’re new to the world of Social Security and don’t understand the basics of how you earn credits to qualify, how your benefit is calculated, and how when you apply affects your benefit amount, then you might find a…