Social Security
Debunking three persistent myths about Social Security
Some things are so well known but false, yet still live on as urban legend. Maurie Backman of The Motley Fools hits head on these three myths: you must file for Social Security and Medicare at the same time; you…
Spouses need to coordinate to maximize benefits
Among Lee Conrad’s round-up of recent retirement news he argues that spouses should coordinate their Social Security claiming strategies to maximize the amount of retirement benefits they will receive. This article first appeared in Kiplinger, A report shows that 82% of surviving spouses could have collected a…
Means-testing a viable solution to Social Security and Medicare’s funding problems
This opinion piece notes the problems associated with funding Social Security and Medicare for the long term. Congress chose not to act when the problems were noted years ago and continues not to act. The annual Trustees reports for each…
When to Withdraw From Your IRA Before Claiming Social Security
Christine Benz from Morningstar.com interviews IRA expert Ed Slott in this video and transcript. Slott discusses instances where it may make sense for retirees to pull money from their IRAs and delay applying for Social Security, the opposite of what many…
Social Security: employers have to follow the rules
Adam C. Uzialko of Business News Daily takes employers through the basics of Social Security and Medicare, how to comply with the rules, and penalties in this informative article. The Federal Insurance Contributions Act (FICA) lists the obligations when it comes to…
Grabbing Social Security as early as possible has downsides
With some articles and experts saying take benefits as early as you can and others saying to wait as long as possible, it’s no wonder Americans ageing into Social Security are confused and bewildered. Maurie Backman focus on these three…
Beware higher Medicare premiums & income tax on Social Security if you work
In this comprehensive article, Mary Beth Franklin cautions financial advisers to advise clients collecting Social Security and/or Medicare that earned income above certain thresholds can come with higher tax bills. It is important to note that income limitations, officially known as the…
Not Your Grandfather’s Social Security: What awaits Gen X & Millenials
Sean Williams of The Motley Fool writes a most informative article about how the future will be different for Social Security recipients. The Trustees Report notes that excess income will be exhausted by 2034, and the program will only be…
Social Security Benefits for Parental Leave? It’s a Real Idea
Sen. Marco Rubio (R-FL) and Rep. Ann Wagner (R-MO) are introducing The Economic Security for New Parents Act. The bill would allow new parents to use their Social Security benefits for parental leave in exchange for delaying their retirement by…
Beware of the tax man when taking Social Security while earning other income
While the benefits of delaying Social Security benefits until full retirement age or even age 70 are well documented (you get a guaranteed raise each year delay), a lesser know reason to delay is to avoid a tax bite. As…