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Retirement Savings Goal…A Moving Target

It wasn’t that long ago that the popular phrase went something like this, “I’ll need a million dollars to retire.” Well, that was then, this is now, and the mythical goal line for accumulated wealth is continuing to stretch. Now,…

Social Security Fundamentals for Married Couples

Spousal benefits and survivor benefits are two of the murkier aspects of Social Security. Not having a clear understanding of the eligibility rules accompanying these areas can cause married couples to miss out on benefits that have been written into…

Retirement Planning: Where do you get your advice?

Planning for a financially secure retirement is, for just about everybody, a daunting process. To be effective, it requires careful analysis, tough decisions, and appropriate consideration of advice from qualified sources. Emphasis on this last point is qualified and, as…

Retiring Soon? Check out this book list

Retirement is a new stage of life for many, but it can be fraught with peril as folks navigate how much to save and spend and where to draw income. Carole Hodorowicz of Morningstar has a list of seven books…

Retirees: Beware These 3 Tax Hits

Taxes are a fact of life, but those on fixed incomes need to be especially vigilant. Interest income, including on bonds, is taxable, though municipal bonds can escape taxation. Taxes are also due on required minimum distributions and Social Security…

Clawback Cruelty to End

We’ve all seen the headlines of the Social Security Administration (SSA) coming in and taking someone’s entire benefit away citing an error made years ago in calculating it. Well, as Tracey Longo writes here, that is no more. The SSA…

Beware the Retirement Trap No One Talks About

Lou Carlozo of Yahoo Finance goes beyond withdraw rates and the “when should you start Social Security” in this piece. He writes the most common retirement trap is “going into retirement without knowing how much [money] is enough and constantly…

You Need to Know These 3 Things if Claiming Benefits in 2024

Maurie Backman reminds readers of the importance of knowing that full retirement age is not 62. It’s 67 for those born 1960 or later. She notes people need to know this as well as know their estimated monthly payment at…

Social Security Strategies for Married Couples

Maurie Backman notes three special steps that married couples should take here to maximize monthly Social Security benefits. They are: 1. Have both spouses claim benefits at full retirement age (FRA); 2. Have both spouses delay Social Security; 3. Have…

The 1983 & 1993 Social Security Changes that Haunt People Today

Christy Bieber explains the simple reason so many seniors are losing much of their Social Security benefits. It’s due to specific laws that Congress passed to tax benefits in 1983 and again in 1993. When the 1983 rule was enacted,…

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