retirement
Allow “Phasing In” Social Security Benefits?
In this interesting opinion piece, one erudite expert suggests that Social Security should offer an option to allow phasing into retirement. This would be done by permitting one to first collect only a portion of their Social Security benefit early,…
When Should you Claim Social Security?
There’s no single answer to that question, but there is one very important factor which is crucial for you to know when deciding, and that is your full retirement age (FRA). You FRA varies depending on the year you were…
Ten States which may Tax your Social Security benefits
Check out the accompanying article about federal income tax on Social Security benefits, and then read this one which reveals that some U.S. states also levy income tax on Social Security benefits. Although most states don’t tax retirement income, there…
Federal Income Tax on Social Security Benefits
That historic 8.7% Cost of Living Adjustment (COLA) last year was a welcome addition to everyone’s monthly Social Security benefit, but some beneficiaries may be in for a surprise when they file their 2023 taxes this year. A portion of…
About Reforming Social Security
As we roll into this presidential election year, campaign rhetoric is already heightening, especially about Social Security. Most candidates pledge “not to touch” Social Security, while simultaneously suggesting that cutting the program is high on their opponent’s agenda. President Biden…
About Supplementing Your Social Security Income
Social Security was never intended to be the sole source of income during retirement; rather, Social Security was developed to be a poverty-avoidance benefit. At most, Social Security will only replace about 40% of the average monthly income you were…
Ask Rusty – Will Withdrawing from 401(k) Affect My Social Security?
Dear Rusty: My full retirement age (FRA) is 66 and 8 months, which I’ll reach in September 2024. I’m still working 3 days a week. I want to cash in my 401K and want to know if I have to…
Prepared for Higher Healthcare Costs in Retirement?
Retirement planning usually focuses a lot on maximizing monthly income and that, of course, is totally appropriate. Logically, the more income we have in retirement, they more comfortable we’ll generally be. But part of that whole retirement planning exercise is…
Regret Claiming Social Security? Here’s what you can do
Deciding when to claim Social Security can be a daunting exercise and, far too often, the complexity of that decision leads to just throwing up your hands up and applying, without fully understanding the consequences of doing so. Then, a…
Social Security is Unique for those who are Married
Social Security can sometimes seem like a maze, with thousands of individual rules to cover every possible personal situation. That maze is especially complex for married couples, because choosing when two people should claim is naturally more difficult than for…