Social Security
Ask Rusty – Should I Claim Social Security at 68, or Wait Until I’m 70?
Dear Rusty: I have a question regarding my SS benefits. I turned 68 this month and work part time. I earned $28,000 last year but will probably gross $36,000 to $38,000 this year. My husband collects his SS, and he…
Ten retirement mistakes to avoid
The silver tsunami has begun. According to the U.S. Census Bureau figures, more than 12,000 people will start turning 65 each day, hitting an estimated total of more than 4 million for 2024. The soon-to-be 4 million retirees are making…
Ex-spousal Social Security benefits
Researchers at Bowling Green State University found that gray divorcees tend to be less financially secure than married and widowed older adults. The poverty level for gray divorcees is about 19 percent, compared to almost three percent for married seniors…
Claiming your Social Security benefits sooner than later
Most financial experts advise not to file for your Social Security benefits until you have maximized your benefit, usually at age 70. You max out your benefit by earning delayed retirement credits that will boost your monthly benefit by eight…
Eliminating federal tax on Social Security benefits?
Could eliminating federal tax on Social Security benefits be soon? Yes, if You Earned It, You Keep It Act (H.R. 8717) passes by both the House and Senate and then signed by the President to become law. However, this is…
Key Indicators that it’s time to claim Social Security
Most financial advisors will tell you that you should delay as long as reasonably possible to claim your Social Security benefits. After all, the longer you wait (up to age 70) the higher your monthly Social Security payment will be,…
Donald Trump & Social Security: A Most Curious Stance
Susan Ferrechio reports that Donald Trump has abandoned his previous stances pre-2015 on shoring up Social Security with a higher retirement age and private accounts in favor of essentially leaving the program as is. “You don’t have to touch Social…
What is the “You Earned It, You Keep It Act?”
Serah Louis explains a bill being reintroduced in the House by Rep. Angie Craig (D-MN) dubbed the “You Earned It, You Keep It Act.” It would repeal the taxation of Social Security benefits, while also extending the program’s solvency by 20…
Social Security Board Nominee in Senate Hot Seat
Esther D’Amico, writing for Kiplinger.com, covers the Senate hearing for Andrew Biggs, a senior fellow at the American Enterprise Institute and a well known Social Security expert. Biggs was chosen by Senate Minority Leader Mitch McConnell to be nominated to…
Proposal: Cut 401(k) Tax Exemption to Fund Social Security Shortfall
Vince Cariaga summarizes here a paper by authors Andrew Biggs and Alicia Munnell from the Center for Retirement Research at Boston College that covers new ground. The two propose to fix Social Security’s looming insolvency problem by eliminating tax preferences included…