Social Security
Income taxes on Social Security unpopular, but raise a lot
Few things about Social Security get seniors more upset than paying income tax on part of their benefits. Benefits became taxable first with a change in the law in 1983 followed by a second change in 1993. Under the taxation…
Income Tax on Social Security Benefits? Yes, in 13 states
The federal government taxes up to 85% of Social Security benefits, depending on your income. Thresholds have not been raised since 1993 so more middle income filers face this prospect. But, this Kiplinger’s article focuses on the 13 states that…
Besides your 9-digits, you must know THIS number
Social Security benefits are calculated based on earnings from your top 35 working years. But the age at which you initially file causes that number to fluctuate substantially. If you wait until full retirement age to collect benefits (66 or…
Rising Inequality & Social Security’s Shortfall: The link
In this interesting piece Sean Williams of The Motley Fool suggests lawmakers will have to tackle rising income inequality in order to address the solvency of the Social Security program for future generations. How are the two linked? Williams notes…
Last group eligible in 2019 for spousal claiming strategy
Mart Beth Franklin explains in detail and seeks to clear up confusion on who is and who is not eligible for a particular spousal claiming strategy. In short, those born after the Jan. 1, 1954, cutoff date will never have…
File for and then delay benefits explained here
Tom Margeneau is an expert of Social Security rules and regulations who writes articles nationally. He devotes this week’s column to people turning 66 before Jan. 2, 2020. They can use a legal loophole allowing them to file for spousal…
Don’t tax or expand Social Security for the rich
Andrew Biggs of The American Enterprise Institute argues Social Security needs targeted reforms, not an across-the-board benefit increase for many retirees who already are doing well, as is being proposed in the House Democrats proposal known as The Social Security…
The Unnoticed Trillion Dollar Budget Gap
In the 1980s critics of overspending pointed to record deficits (averaging $167 billion a year then) and were often met with replies from supply-siders—“Don’t worry about federal deficits. They’re big enough of take care of themselves.” President Reagan even uttered…
Tortoise & Hare: Who gets more Social Security?
Michael Taylor has some fun here explaining exactly how Social Security benefits are calculated using one’s annual income and number of years in the workforce. In this light-hearted example, who would get more in retirement, a hare would earned the…
Want a big Social Security payout? Wait until 70.
Just 3% of Social Security beneficiaries wait until age 70, the maximum age, to start benefits. That’s a shame according to Maurie Backman, because delaying until age 70 yields one the highest payout possible, for the rest of one’s life.…