Social Security
Social Security from A to Z
Social Security is widely known for paying retirement benefits, but the program is complex and encompasses so much more. Selena Maranjian’s piece here explains how Social Security is funded, the challenges going forward with the program, how to apply, maximizing benefits,…
Social Security: Take Now or Later?
It is often the biggest decision one could make in a lifetime, one without an easy answer. Should one take Social Security benefits the earliest age of 62, full retirement age (66 or 67 depending on birth year), or maximum…
The political party responsible for Social Security’s financial instability is…
Well, it’s both of course. As Sean Williams writes in this piece, neither party has fully addressed the looming partial insolvency due to occur in 2034, when benefits will have to be cut 21% across the board. Past surpluses are preventing…
The Social Security Restricted Application
Tom Hager explains the goals of the restricted application: maximize the high earner benefit, coordinate the benefits between the spouses, and maximize the survivor benefits. To take advantage of the restricted application one must have been born before January 2, 1954…
Retired in 2019? Do these 5 things
Selena Maranjian notes five money moves retirees should take before the end of calendar year 2019. They include: 1.) performing a financial checkup, catching up if necessary on years where savings might have been minimal; 2.) taking a required minimum distribution, if required. The deadline to…
Saving for retirement in 2019
With the average yearly Social Security benefit at just $17,532 ($1,461 per month), experts agree saving in a 401(k) plan is a “no-brainer.” Contribution limits are up $500 for 2019 to $19,000 or $25,000 for those age 50+. The most important benefits are minimizing…
Beware making a Social Security blunder
Columnist Brett Arends cautions Social Security beneficiaries against making one very bad move, in his opinion. This is it: taking Social Security early while at the same time either buying a private annuity, or taking an annuity from your company…
Cost of living adjustments – Don’t bank on them
Maurie Backman provides a brief history of COLAs (cost of living adjustments) in this piece. Begun in the 1970s, their purpose was to prevent retirees from sliding backwards, as dollars lost value over time due to rising prices. Backman further points out…
Social Security Spousal Benefits: Three Things to Know
In this piece, Todd Campbell explains what married and divorced people should know about qualifying for Social Security spousal benefits, as this information could significantly increase your retirement income. There are a myriad of rules on who can collect spousal benefits and how much…
Writer Advocates Tax Increases to Solve Long-Term Social Security Problem
Alicia H. Munnel of Barron’s opines here that taxes should be raised to solve the Social Security solvency problem and pay full benefits over the next 75 year time horizon. Social Security’s long-run deficit is projected to equal 2.84% of covered payroll…