Social Security
Dealing With Social Security’s Income Tax Consequences
One of the most unpleasant issues many Social Security beneficiaries encounter is the fact that their benefit may be subject to federal income tax. Not only is it unpleasant, but it’s also often not anticipated during the retirement cash flow…
The Importance of Optimizing Social Security Claiming Decisions
Several articles channeled this week via our “Latest News” segment have addressed the persistent question of when to begin drawing Social Security retirement benefits. One, for example, argued for filing at the earliest possible age (62), while another offered a…
Social Security and the Debt Ceiling Argument
Douglas A. McIntyre, co-founder, chief executive officer and editor-in-chief of 247wallst.com sounds the alarm for Social Security in the midst of negotiations on the nation’s debt ceiling. In his post, which you can read in full here, McIntyre suggests that failure…
Unraveling Some of Social Security’s Complexities
It’s no secret that our Social Security program is somewhat complicated (yes, I know that’s an understatement). But as a result of the program’s complications, uninformed participants can (and often do) make mistakes that can cause them to under realize…
Are There Benefits to Inflation Beyond Just Social Security’s Increase?
The 8.7% cost of living adjustment coming in January 2023 is welcome news for seniors on Social Security, even if it only allows folks to just keep pace. But Selena Fragassi notes here that there are other benefits to higher…
Assessing Your Social Security Readiness
Anyone approaching the decision point on Social Security benefits needs to have a grasp on some of the key fundamentals. Failure to do so could result in decisions that, due to their irrevocability, could haunt you later in life. The…
How your COLA is applied
The Social Security Administration will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. The temptation to apply the 8.7 percent to your current payment is not how it works.…
You can increase your benefits with a few steps
You can begin your Social Security retirement benefits as early as age 62. If you delay taking your Social Security benefits to the age of 70, your benefit amount will increase. Since Social Security benefits are paid to you for…
We require a far more serious conversation about Social Security and Medicare
As both Social Security and Medicare programs are facing financial challenges in the near future, we–as Americans–deserve to have a constructive conversation about the future of Social Security and Medicare. Unfortunately, as we get closer to election day, we are…
How to find out what your 2023 Social Security benefit amount will be
Approximately 70 million Americans will see an 8.7 percent increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. According to the Social Security Administration, on average, Social Security benefits will increase by more than $140…