Earnings Test
Is it possible to lose some of your Social Security?
As part of the “three-legged” stool of retirement planning, Social Security should play an equally important role along with pensions and retirement savings; however, for some people, Social Security is the only leg of that stool. So, it is essential…
What you should know about Social Security
The Social Security Administration states more than 50 percent of seniors aged 65 and above rely on Social Security for more than half of their monthly income. Another report finds that 40 percent of older Americans rely only on Social…
Revisiting Some Lesser-Known Social Security Rules
For someone beginning to take their first preparatory look at Social Security, the basics are fairly well known. Age 62 is your early eligibility (with reduced monthly benefits), your full retirement age is based on your year of birth (if…
New Social Security rules for 2024
The new year is approaching rapidly, which means new rules for Social Security. Some of the new rules you will find will be beneficial to recipients and workers, but the other rules are not so much. The beneficial rules for…
Are you ready for these changes to Social Security?
“The Only Constant in Life Is Change.”- Heraclitus. That is true when it comes to the Social Security program as well. The Social Security program will change in 2024, but those changes will not affect everyone. What are those changes?…
Social Security’s Earnings Test—A Source of Confusion and Misunderstanding
The fact that claiming retirement benefits early can result in withheld payments if you continue to work comes as a surprise to many…and not a very pleasant one! A recent report by the Social Security Advisory Board, a bipartisan, independent…
How working will affect your benefit amount
You can get Social Security retirement or survivor benefits and work. But, if you’re younger than full retirement age and earn more than a specific dollar amount, your benefits will be reduced or even stopped. However, there is good news…
Ask Rusty – When Should I Retire and Claim My Social Security Benefits?
Dear Rusty: I am 64 years old and having difficulty working due to my arthritis, but I can continue part time as a podiatrist. I do not know the best way to determine when to retire. What is the formula…
Pros and Cons of Working in Retirement
There are many reasons why folks drawing Social Security benefits continue to work. Some relate to financial necessity, some are driven by the need to stay socially connected, and others simply reflect the curiosity of exploring job opportunities and work…
A Look at Some of the 2024 Social Security Limit Changes
Potentially lost in the excitement of the 2024 COLA announcement, there are a number of limit changes ahead for Social Security participants next year. For example, there’s a higher taxable maximum for earners, along with a higher amount those filing…