Social Security
Weekend Reading: 7 Ways to Reduce Taxes on Social Security Benefits
It should come to no surprise that as with any other retirement income stream, Uncle Sam gets his (taxable) share of your Social Security benefits.
Weekend Reading: Social Security More Valuable Than Ever – Even for Millionaires, Advisors Say
Despite stock market volatility causing a 25 percent decline over the past year, there is good news for Social Security recipients: In 2023, benefits will increase by 8.7 percent to keep pace with rising inflation and cost-of-living.
Weekend Reading: Ten Reasons to Claim
Here, author John Yeigh compiles a list of ten “whys” behind his choice to file for Social Security benefits just after full retirement age, instead of delaying until age 70.
Weekend Reading: Benefits of Work
The complexities of Social Security span wide, and that includes if you continue to work after starting benefits.
Weekend Reading: When Do Social Security Benefits Become Taxable?
According to the Social Security administration, about 56 percent of individuals will owe federal taxes on their benefits, and determining if that includes you, as well as how much you could owe, draws down to pinpointing your provisional income.
Weekend Reading: Let's Bust These Five Social Security Myths
Thoroughly understanding your Social Security benefits is complicated. With the rules and regulations being far from straightforward, maximizing your filing strategy might seem difficult to navigate as well.
Weekend Reading: The Hidden Hazards of Taking a Social Security Lump Sum
When it comes to deciding whether you should claim Social Security benefits at Full Retirement Age (FRA), or delay and receive credit, several factors come into play which you should be aware of.
Weekend Reading: Getting Comfortable Delaying Social Security with Six-Month 'Reversible' Delays
Your decision regarding whether or not to delay Social Security benefits might come with a feeling of finality, but rest assured, that’s not the case.
Weekend Reading: Avoiding the Social Security Tax Torpedo
While tax planning for the greatest long-term efficiency in retirement, be wary of increasing taxable income. Upon doing so, there are two major situations you could find yourself in, both of which are discussed by past Retire With Purpose podcast guest, Wade Pfau, here.
Weekend Reading: Five Ways Social Security Will be Changing in 2022
What’s next for Social Security? Here, you’ll find a sum-up of how your benefits could be impacted in the coming year.
Weekend Reading: Congress Has a New Plan to Fix Social Security – How It Would Change Benefits
If you haven’t heard, Social Security trustees now state benefits will deplete to 78 percent in 2033 if no action is taken. As a result, Democrats are attempting to find a fix that both parties can agree on.
Weekend Reading: Here Are the Changes That Could Be Coming to Your Social Security Benefits
Rumors of Social Security going bankrupt often swarm the financial world. However, in reality, benefits are set to decrease to 78 percent (in 2034 to be exact), and lawmakers will more than likely step in and make a move far before then.