Social Security
Happy 84th Birthday to Social Security
President Franklin Roosevelt signed The Social Security Act into law on Aug. 14, 1935 in the middle of The Great Depression. It was essentially an anti-poverty program designed to provide a financial foundation for older workers who could no longer…
Why one proposed Social Security ‘fix’ won’t work
Brenton Smith writes on the issue of Social Security for numerous media outlets. Smith’s op-ed here focuses on the shortcomings of the Strengthen Social Security by Taxing Dynastic Wealth Act, introduced by U.S. Senator Chris Van Hollen (D-MD). The new law would turn the estate…
Biggest Social Security Mistakes
Social Security sends monthly retirement benefits to over 63 million Americans. Because the program is so complex and difficult to navigate, Bankrate asked the experts to list the biggest mistakes folks should avoid. These are five: 1.) Sticking to a one-size-fits-all strategy, such as…
All about 401k plans
Maurie Backman discusses 401k plans in depth in this piece. Since Social Security replaces only about 40 percent of pre-retirement income, and traditional pensions have largely gone the way of the do-do bird, 401k plans have become a crucial pillar for…
Delayed Retirement Credits Explained
Christy Bieber explains delayed retirement benefit credits in depth. In a nutshell, one of the most straightforward ways to earn delayed retirement credits is to file for benefits after reaching your government-designated full retirement age (FRA). This is between 66 and 67 depending on…
Yes income tax is due on Soc Sec benefits in some cases
Seniors are often stunned to find out they must pay income tax on some of their Social Security benefits. It’s not always avoidable, but some planning can help. Katie Brockman’s easy to understand piece here explains the thresholds for when…
Eye on the Pie: More money for Social Security
Morton Marcus is an economist, writer and speaker. His piece takes readers through Social Security’s long-term financial problems, attributing them to the following: 1. We’re living longer than expected. 2. People are retiring too early. 3. Congress gave an increase in…
Happy 84th birthday to a broken program
Social Security turns 84 years old this week. President Roosevelt signed the law into effect in August 1935. But just as you can only put “black tape” on something so many times before it truly stops functioning as it once…
This Social Security scam is just evil
Michelle Singletary of The Washington Post reports on ever more bold schemes to get people to hand over personal information. This latest is a somewhat typical “go buy gift cards right now” scheme. She shared the following tips from the…
Is It Too Soon to Estimate My Social Security Benefits?
Since Social Security often winds up being a substantial income source for many in retirement, knowing what your benefits will look like ahead of time can help in retirement planning. The Social Security Administration (SSA) issues annual earnings statements that summarize one’s annual income for…