seniors
Can You Live on 40% of your Income?
The answer, of course, is likely not. Reality is that Social Security, an integral part of nearly everyone’s retirement plan, was intentionally designed to replace only about 40% of your pre-retirement income. And for many, especially those with higher income…
The One Social Security Metric that Doesn’t Change
Most Social Security “metrics” (the various factors which affect your monthly benefit amount and the SS payroll taxes you pay) change each year to account for inflation and changes to the national Average Wage Index (AWI). Inflation, obviously, has an…
How Claiming Social Security Early Can Hurt You
“Because it’s there” is the reason so many working Americans claim Social Security when they turn 62 years of age. Somewhat understandable when, for a whole lifetime, you’ve been paying money into a program and are anxious to start getting…
Accounting for housing and medical expenses in retirement
Retirement planning can be exhausting. You try to predict how much money you will need in retirement; however, a few individuals forget to plan for the two of the largest retirement expenses: Housing and medical expenses. CD Moriatry outlines ways…
Social Security and gray divorce
The divorce rate has doubled since 1990 for Americans over 55. For couples over 65, the rate has tripled. So, what does that mean for your Social Security benefits? For those individuals going through or who went through a gray…
Social Security and taxes
If you receive Social Security benefits, do you need to file taxes? Well, that will depend on several factors, which include marital status and your modified adjusted gross income. Katie Teague and Nina Raemont will explain how you determine if…
Is Social Security COLA keeping up with inflation
The purpose of Social Security’s cost-of-living adjustment (COLA) is to ensure that the purchasing power of Social Security benefits keeps up with inflation. But does it? According to Brandon Selfors, the CEO of life settlement and Medicare insurance company Bridge,…
Before you claim your benefits at 62
You can receive Social Security retirement benefits as early as age 62; however, you will receive a reduced benefit. Although you will receive more checks than other Social Security recipients who filed later, it does not mean you will receive…
Eliminating 401(k) tax benefits to fund Social Security
We all know the Social Security Trust Fund will be exhausted by 2034 if Congress does nothing, resulting in a 20 percent cut to Social Security beneficiaries, but is there a way to avoid this? According to new research published…
What is your Social Security full retirement age
This year marks the start of the Silver Tsunami, with almost 12,000 people turning 65 daily in the next few years. However, many people are surprised that they have not reached their full retirement age to be able to collect…