Social Security benefits
A Quick Refresher on Getting the Most Out of Social Security
The maximum Social Security benefit as of this year is approaching the $5000 mark, but it’s unlikely that many beneficiaries will reach that level of payout. In fact, the average benefit for 2024 is $1,907 after the 3.2% cost-of-living adjustment…
Ways to Jeopardize Your Social Security Benefits
A steady flow of monthly income via Social Security is something claimants certainly look forward to. After all, the program has been around for over eighty years and has never missed a scheduled payment. While that consistency is certainly a…
Here we go again…Government shutdown on the horizon. What about Social Security?
The March 1 deadline for funding legislation would mean a partial shutdown, as explained in a post on the gibsondunn.com website. Following the “laddered” continuing resolution enacted in January, the partial shutdown would affect a limited number of agencies and,…
Understanding Retirement Age and Its Implications for Your Social Security Benefit
Deciding when to claim Social Security benefits is an individual issue, and it depends on some key factors. What’s the best age for one claimant may not be the best age for others, so a complete complement of conditions, like…
Another Look at the Pervasive Pessimism About Social Security’s Future
Media accounts of the problems facing Social Security frequently serve as fodder for pessimism, with terms like “bankruptcy” and “broke” serving to fuel opinions that the program will be dead in less than a decade. It’s true that Social Security…
Another Tax Time Alert–Remember that Withdrawals from Deferred Retirement Accounts Will Affect Your Income Taxes
Although withdrawals from 401(k) plans and deferred (non-Roth) IRAs do not directly affect Social Security benefits, they do have a direct impact on the amount of your modified adjusted gross income used to calculate your federal tax obligation. As a…
Here We Go Again–Government Shutdown and Social Security
It seems like Déjà vu all over again, to quote a phrase from the great Yogi Berra decades ago, but the potential of a government shutdown has again raised the question of how Social Security payments would fare. CNBC personal…
Getting the Most You Can Get Out of Social Security
Just about everyone who has taken a look at Social Security understands the basic premise that the longer you wait to file, the larger your monthly benefit will be. That’s a good start, but there are other considerations that come…
States That Tax Social Security Benefits: 2 Down, 10 To Go.
With Nebraska and Missouri taking action to exempt Social Security benefits from state income tax, the list of states retaining this provision in their tax code is now down to 10. For Nebraska, it took a series of tax law…
Attention First-Year Retirees: Some Mistakes to Avoid
Many folks getting set to move into that coveted life phase called “retirement” have some important–critical, really–steps ahead, most of which could cause financial discomfort down the road. One of these, of course, is the obvious decision on when to…