Examining the Future of Social Security, Medicare, and Your Taxes

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. [...]

By |2021-09-20T12:31:38+00:00September 20th, 2021|Medicare, Social Security, Taxes|0 Comments

How Will Social Security Respond to Higher Inflation?

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 [...]

By |2021-08-02T04:05:35+00:00August 2nd, 2021|Economy, Social Security|0 Comments

Where Could Your Retirement Income Come From?

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 [...]

By |2021-07-26T01:09:20+00:00July 26th, 2021|Retirement Income, Social Security|0 Comments

Be Part of the 4% When it Comes to Social Security

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 [...]

By |2021-07-08T17:44:38+00:00July 6th, 2021|Social Security|0 Comments

How Will Social Security Benefits and Taxes Change Next Year?

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 [...]

By |2020-10-26T12:46:19+00:00October 26th, 2020|Financial Planning, Social Security, Taxes|0 Comments

How Could the Outcome of the Election Affect Social Security?

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, [...]

By |2020-09-28T01:35:54+00:00September 28th, 2020|Social Security|0 Comments

When It Comes to Social Security, Focus On What You Can Control

  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 [...]

By |2020-08-10T13:09:22+00:00August 10th, 2020|Social Security|0 Comments

Should You Claim Social Security Early Due to Financial Hardship?

If your financial or employment situation has changed due to coronavirus, you may be rethinking your Social Security claiming strategy. While you can claim Social Security benefits as early as age 62, you will receive a permanently smaller benefit. If you wait to claim past your full retirement age, your benefit will increase by 6 [...]

By |2020-06-09T16:53:15+00:00May 18th, 2020|Financial Planning, Social Security|0 Comments
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