seniors
Will Your Social Security be Taxable?
In response to threatened revenue shortfall for Social Security in 1983, Congress enacted a law which required those with incomes over particular thresholds to pay income tax on half of their Social Security benefits. The thresholds set in 1983 were…
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…
Is Even Discussing Fiscal Sanity a “no no?”
Is the partisan divide in Congress so great that even entertaining ideas to deal with the ever burgeoning national debt is an unacceptable concept? Or is discussing reform of programs which will soon become insolvent (Social Security and Medicare) completely…
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…
“Common Law Marriage” and Social Security
Social Security’s rules regarding spousal benefits are quite clear – to be eligible for benefits based on their partner’s lifetime earnings history, the couple must be “married.” It’s the definition of “married” which often catches people applying for Social Security…
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…