Social Security
Differing life expectancies are changing Social Security’s progressive design
Social Security, by design, is progressive program intended to benefit lower earners most. But according to an issue brief released this week by the Center for Retirement Research at Boston College, improvements in mortality are changing the progressive nature of the…
Yes some Social Security benefits are taxable
Many retirees do get a rude awakening when filing income taxes each year. “I have to pay income tax on my Social Security, many ask.” The answer is “yes, in some cases”. The total due the IRS is dependent on income, but up…
The Social Security Program: Where the Money is Spent
Social Security is the single greatest expenditure item in the entire federal budget, followed by Defense/Military spending. With expenditures of $952.5 million last year, where did all the money go? Sean Williams of The Motley Fool writes a very comprehensive…
What delaying Social Security by just a month can mean
With people having to decide between taking Social Security at age 62, where you realize the lowest possible monthly check, to age 70, where the maximum monthly check is realized, what might waiting just one more month mean? Dan Caplinger of…
New study: Early claimers see increased incidence of poverty
More people claim their Social Security benefits at age 62 than at any other age. But this could be a terrible mistake. In this Market Watch article, Mark Hulbert cites a new study circulated by the National Bureau of Economic Research: “Early…
Biggest Monthly Benefit Checks Start at Age 70: Why Don’t More People Wait?
The simplest answer to the question why more people don’t wait until age 70 to begin collecting Social Security benefits, when their checks would be the highest monthly amount possible, is this– most cannot afford to wait this long. Christy…
Five Steps to a Richer Retirement
Selena Maranjian of The Motley Fool says these are the five questions one should ask when considering retirement: 1.) Have you paid off your debts? 2.) Do you have a plan for a successful retirement? 3.) Have you included healthcare in…
Social Security and Inflation – What You Should Know
It may be that there is no perfect way to calculate the rate of inflation and then translate that into commensurate raises for Social Security recipients. So how is it done? The Social Security Administration (SSA) has used the Consumer Price Index…
Phasing out Social Security for The Rich: A Good Idea?
Various proposals over the years have talked about “means-testing” the Social Security program. Proponents see it as a way to save money for a program headed for insolvency, essentially arguing “why pay for people who don’t need it?” Alternatively, others argue…
Social Security and Family Leave: What’s the connection?
Sen. Marco Rubio (R-FL) has proposed The Economic Security for New Parents Act which would allow new parents to pull forward Social Security benefits to finance paid parental leave in exchange for having their retirement delayed by three to six months…