retirement
Insufficient retirement savings affects all of us
One of the biggest fears for retirees and pre-retirees is: “outliving my savings.” Why is this the biggest fear? Many Americans working do not have access to an employer-sponsored retirement savings account. However, 15 states have implemented automatic savings programs…
The Social Security earnings test
You can start your Social Security retirement benefits at 62 but at a reduced rate. According to statistics released by the Social Security Administration, almost 30 percent of Americans eligible for Social Security begin to receive their benefits at 62.…
The three-legged stool
The newest data from Allianz finds that 22 percent of Americans currently working hope to retire in 2024. Unfortunately, these soon-to-be retirees will discover the much talked about “three-legged stool” no longer applies to most people. What is a “three-legged…
Marriage and retirement
Most people think life after retirement is full of excitement and fun, endless golf games and pickleball. You can spend a lot of time with your spouse and cross things off your bucket list, but things can be otherwise if…
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…
Getting the max Social Security benefit isn’t easy, but it’s doable.
The Social Security Administration states the maximum monthly benefit is $4,873 for 2024. So, how do you achieve this amount; is it even achievable? If you follow a few steps during your working career, you may be able to receive…
How long do I have to pay FICA?
One question asked by Social Security recipients who are still working is whether they have to pay Social Security taxes. Yes, unless your wages exceed the wage cap for 2024. Maurie Backman explains who will be paying Social Security taxes…
The pros and cons of starting at 62
You can begin your Social Security retirement benefits early at 62, the most popular age. If you decide to start receiving benefits early, they are reduced, but if you wait until you reach your full retirement age, you are entitled…
Social Security Retirement Benefits and Boomers…A Note of Caution
The often-reported absence of adequate savings by those intending to rely on Social Security benefits for a comfortable retirement suggests that there may be some rough waters ahead, according to a post by GoBankingRates’ Sean Fisher on their website. Fisher…
Retire, or Wait…Some Factors to Consider
Whether to retire is, for many Americans, a bit of a choice that requires some serious planning. If you have the luxury of considering whether now or later is the best scenario for you, there are some key considerations beyond…