Social Security
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…
Claiming benefits early is right decision in some instances
Jill Cornfield of CNBC first dismisses all the hysteria about Social Security going away and then addresses the three instances when folks really should consider taking their benefit early. In short, married women (when other spouse had the higher income),…
The benefit of just one more year of work before retiring
Maurie Backman suggests adding just one more year before calling it quits could be a financial boon to workers who are thinking about starting to collect Social Security. In addition to an increased monthly benefit, 8% more if between 67…
The Weather’s Relationship to Social Security and COLAs
About the last thing you would think to have anything to do with what the cost of living adjustment might be for Social Security recipients come the fall would be the weather. But as Sean Williams of The Motley Fool…
Forget the COLA. Shaving small amounts in your budget can yield more
Much has been in the news recently as experts speculate that the Social Security cost of living adjustment (COLA) due to be announced in October could be among the highest in a decade. But the reality is the COLA does a…
Claiming Benefits Soon? Check this essential “need to know” list
The Social Security Administration notes that over 60% of recipients lean on the program for half or more of their monthly income. Hence Social Security is successful as an anti-poverty program. When to claim benefits is but one of a list of important…
Why It May Make Sense to Take Benefits at 62
We often hear the benefits of waiting to collect Social Security because the benefit amounts increase yearly, with increases of 8% between full retirement age and age 70. But Christy Bieber of The Motley Fools notes there are times when…