Archives for Social Security

Women and Social Security: Do you really know your benefits?

Social Security guidelines for retirement benefits were established all the way back in the 1930’s and were founded on a traditional family situation1. With marriage patterns and caregiving needs constantly evolving, the modern woman could be at a disadvantage if strategic retirement planning is not properly implemented. While Social Security is gender-neutral and individuals with identical earnings histories are treated equally in terms of benefits, the reality of the matter is that women face greater economic challenges than men do when it comes to retirement for a number of reasons2. For example, women tend to live longer than men, but
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Categories: Retirement and Social Security.

Are your Social Security benefits taxable?

The answer is: Yes, sometimes. If you don’t have significant income in retirement besides Social Security benefits, then you probably won’t owe taxes on your benefits. But if you have large amounts saved up in tax-deferred vehicles like 401(k)s, you could be in for a surprise later. AGI (Adjusted Gross Income) versus Combined Income. You are probably familiar with what AGI, or adjusted gross income, means. To find it, you take your gross income from wages, self-employed earnings, interest, dividends, required minimum distributions from qualified retirement accounts and other taxable income, like unearned income, that must be reported on tax returns. (Unearned, taxable income can
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Categories: Social Security and Tax Planning.

The Social Security Waiting Game

At 62 years of age, Americans can begin claiming early Social Security benefits for themselves, provided they have been working and paying taxes. Claiming at age 62 may sound appealing, but there can be a substantial downside to the amount of money you can collect. In fact, you will receive 75% of the benefit amount that you would have received by waiting until your full retirement age, which is currently around age 66 depending on the month you were born. But keep in mind that you are not required to file at your full retirement age. In fact, from your
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Categories: Social Security.