Social Security
“Influential Money Expert” Advocates Claiming Benefits at Age 62
Many of the posts we shared on this website through the years deal with the persistent question of which age is the best for claiming benefits. Most analyses focus on the simple math, and that says the longer you defer…
Ask Rusty – About Medicare’s Dreaded “IRMAA” Provision
Dear Rusty: My wife is on Medicare and receiving Social Security benefits each month. We built a house and used money from our investments to pay for it. We knew we would pay taxes on that withdrawal, but my wife…
Social Security’s Uncertain Future Leading to Strategy Changes for Millennials
It’s certainly no secret that the long-term future of Social Security is a little shaky, This should come as no surprise to anyone who’s given thought to how this once predictable component of retirement financial plans will fit into their…
Here we go again…Government shutdown on the horizon. What about Social Security?
The March 1 deadline for funding legislation would mean a partial shutdown, as explained in a post on the gibsondunn.com website. Following the “laddered” continuing resolution enacted in January, the partial shutdown would affect a limited number of agencies and,…
Approaching Social Security and still confused? You’re not alone!
A recent online quiz offered by MassMutual produced yet another dismal view of how much–or how little–folks aging into Social Security eligibility understand about the basics of this massive program. To be fair, it is not only massive and it…
Exploring a Myth: Social Security’s COLA is Guaranteed
Let’s start with some background…each year’s cost of living adjustment (COLA) results from comparing the third quarter average Consumer Price Index each year to the same average from the preceding year. The result of dividing the current year’s average by…
Understanding Spousal Benefits…And Why They May Not Exist for You.
For married couples looking ahead to retirement finances, the issue of spousal benefits can become a major factor in the planning process. For this reason alone, it’s good to have a clear understanding of how the calculations work and what…
Social Security Insolvency–What If It Actually Happens?
Over the past few years (actually for decades, now), the Social Security trustees have been sounding the alarm on insolvency. Back in 1983, Congress adopted a slate of amendments intended to sustain the program through the mid- 2050’s, although economic…
How Does the U.S. Compare Globally on Retirement Ages?
The standard U.S. full retirement age (FRA), as most people know, was 65 until the steps were taken in 1983 to deal with a funding crisis. The FRA was changed then to a phasing-in schedule for those born in 1938…
Eliminating Tax-preferred Retirement Savings–A Way to Address Insolvency?
A study published recently by The Center for Retirement Research has called into question the possibility of eliminating “retirement saving tax preferences on employer-sponsored plans” and diverting the increased income tax revenue directly into Social Security to help address the…