Whether for financial or psychological reasons, easing into retirement can provide stability when leaving the workforce. If you’re like most people who are nearing retirement, you may be in the midst of a life-changing transition. This process can be jarring on both an emotional and financial level, so some individuals are opting for a “phased …
Not done working? Why Phased Retirement May be for You Read More »
Social Security recipients will see a 5.9% increase in 2022 – the largest increase since 1982! This means that the average recipient will see a $92 a month raise starting next year.[1] While this is good news, it’s important to consider what this high Social Security cost-of-living adjustment (COLA) could mean for your overall retirement …
What the High Social Security COLA Could Mean for Your Retirement Finances Read More »
The Social Security trust fund is now expected to be depleted by 2034, according to a recent report from the Social Security and Medicare trustees.[1] That’s one year earlier than they reported last year, and the pandemic is to blame. Less was collected in payroll taxes when unemployment was high, and more people claimed benefits. …
Examining the Future of Social Security, Medicare, and Your Taxes Read More »
Inflation is on the rise, and Federal Reserve Chairman Jerome Powell recently testified to Congress regarding the Federal Reserve’s commitment to controlling inflation. He admitted that inflation is “well above target” but didn’t indicate any major changes in Fed policy in the near future.[1] Retirees may need to be concerned about inflation, which can eat …
How Will Social Security Respond to Higher Inflation? Read More »
You\’re used to receiving a paycheck, and perhaps you\’ve been used to it steadily increasing over the course of your career. You may have experienced what’s known as “lifestyle inflation” and may not plan to downgrade in retirement. Whatever the case, it’s important to know where your retirement income will come from. It could come …
According to a recent study, only 4% of retirees claim Social Security benefits at the optimal time, losing out on an average of $111,000 per household.[1] There are many things to consider when choosing how to claim your benefit, and there’s no one-size-fits-all formula for maximizing it. Consider your unique situation and read these tips …
Be Part of the 4% When it Comes to Social Security Read More »
The Social Security Administration recently made some important announcements that workers and retirees should note, including a Social Security benefit increase – and a tax increase. While it’s very unlikely that the program will ever disappear, we could see changes in the coming years due to the program\’s financial state. The Social Security trust fund …
How Will Social Security Benefits and Taxes Change Next Year? Read More »
Regardless of who wins the election, Social Security will surely remain a hot button issue. The program currently pays out more than it takes in, and this trend is likely to continue. The Social Security trust fund was projected to run out in 2035, at which point about 79% of benefits would be payable.[1] However, …
How Could the Outcome of the Election Affect Social Security? Read More »
Even if you don’t plan to rely primarily on Social Security for income in retirement, it’s still an important part of your retirement plan. Despite its importance, only 4% of retirees claim Social Security benefits at the optimal time, losing out on an average of $111,000 per household, according to a recent study.[1] You …
When It Comes to Social Security, Focus On What You Can Control Read More »
Long after the restaurants and hotels are open again, the economic impact of the COVID-19 pandemic will still be felt by many individuals and the country. During this time of widespread unemployment, less is collected in payroll taxes that fund Social Security, while emergency federal spending has increased significantly. Here are potential far-reaching effects of …
Far-Reaching Effects of This Pandemic on Social Security and Taxes Read More »
