Many older folks are asking me about getting disability benefits from Social Security. I’ll offer some tips on how to go about doing that in a minute. But first, here are some ground rules that vary depending on your age. If you are over your full retirement age, forget about it. Once you reach that…
More Questionable Advice From the SSA
I hate writing columns that are critical of some of my former colleagues who are still working for the Social Security Administration. But doggone it, if they are going to keep handing out bad advice, someone’s got to take them to task—and give the right answers to people who are seeking help about their Social…
‘Bridge’ Your Way to Social Security
Delaying the start of Social Security benefits is a powerful way for retirees to cope with inflation, survive bad investment markets and reduce the risk they’ll run short of money. The advantages of waiting are so great that financial planners often recommend their clients tap other savings, such as retirement funds, to help them delay…
No Relief on Taxation of Social Security Benefits
By Joy Taylor From Kiplinger’s Personal Finance Question: Given the high rate of inflation, does that mean the income limits for avoiding taxes on Social Security benefits will be going up now? Answer: Although many income-tax breaks and income levels are indexed to inflation each year, some important ones are not. And taxation of Social…
Social Security Changes for 2023
By Sandra Block From Kiplinger’s Personal Finance Question: I recently retired at 63 and claimed Social Security. But I plan on working part-time to earn some extra money. Would that reduce my Social Security check? Answer: If you file for Social Security before you reach full retirement age (66 to 67 for most workers) and…
Annuity Market Will Cool in 2023 as Interest Costs Soar: Expert Forecast
January 2, 2023
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A tumbling stock market and higher interest rates are forcing consumers to buy annuities. According to LIMRA, a trade group for the insurance industry, annuity sales in the third quarter of 2022 approached $80 billion, just beating the $79.4 billion record set in Q2. It’s an impressive 27 percent increase over last year. As in…
Should You Collect Social Security at 62? Pros and Cons
Whether to collect Social Security at 62 depends on your individual circumstances. There are many reasons that you may want to collect Social Security early. But what are the benefits of signing up for benefits at 62? And does it really hurt in the long run? Here are some pros and cons of collecting Social…
For Spouses, Claiming Social Security Is a Joint Decision
By Sandra Block From Kiplinger’s Personal Finance Getting the most out of your Social Security benefits could significantly improve your retirement security, and if you’re married, it’s not a decision you should make in a vacuum. Before you and your spouse file for benefits, you should consider a host of factors, including your respective earnings…
Upcoming Changes to Social Security You Can Appreciate
December 16, 2022
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Some of the highest inflation rates in the United States for decades occurred in 2022. Although costs have skyrocketed this year, making things financially tight for many people, it also has a good side—for next year. The abnormally high rate means that the annual cost-of-living adjustment (COLA) made by the Social Security Administration (SSA) will…
Annuity Options for Retirement Savings—No Fuss, No Jargon, No Gimmicks
As of November 2021, only 15 percent of private industry workers had access to a defined benefit pension from their employer. Why is that disheartening? A pension guarantees a steady income once you retire. Meanwhile, more options are being offered to workers to save for retirement. As of 2021, 81 percent of private-sector employees had…
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