Category: Social Security
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Retirees Delaying Social Security
The Wall Street Journal reported on Wednesday that the number of retirees claiming Social Security at age 62, the earliest you can begin taking payments, is falling. For decades, data from the Social Security Administration have indicated that a fairly consistent share of workers — about 60% of women and about 52% of men —…
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6 Social Security Myths
A week wouldn’t be complete without a nice myth busting post like the one put out by Rich White and Investopedia today. This week, it’s the top six myths about Social Security Benefits and some of these aren’t even myths I believe but here are the ones I think are worth noting. Myth #1: Take…
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Obama’s Payroll Tax: $250k+
Last friday, Democratic Presidential hopeful Barack Obama announced that he would try to apply the Social Security payroll tax to include incomes above $250,000; in addition to the current payroll tax which collects 6.2% from earnings to to $102,000 a year. It would create a “doughnut hole,” that is an area of no additional tax…
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Grim Social Security & Medicare Outlook
Yesterday, Henry Paulson, Secretary of the Treasury, gave some grim news about Social Security and Medicare. If left unchanged, by 2041, Social Security will only be able to pay out 78% of benefits, unless the government begins paying back what it owes to the fund. In order for the program to be fully funded and…
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Presidential Candidates Weigh In On Social Security
Social Security has been a hot issue this Presidential Primary campaign and now that the field has been narrowed to two in either party (though John McCain has pretty much sewed up the Republican nomination), it makes sense to take a look at what the candidates’ positions are on Social Security. CNN has a recap…
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10 Facts About Social Security
Here are ten random facts about Social Security that you may find interesting. Social Security was enacted when President Franklin Delano Roosevelt signed the Social Security Act on August 14th, 1935. Social Security benefits weren’t indexed to inflation until 1972. Social Security actually has two parts: “Old Age and Survivors” program and the “Disability” program.…
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New Social Security Debit Cards
Last Friday, the Treasury Department announced that they were working with Comerica Bank to begin rolling out new debit cards linked to social security and other federal income benefit programs in an effort to save the taxpayers some money and reduce some of the headaches related to the issuance of paper checks. The cards, according…
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Applying for Social Security Benefits
When Should I Apply? Approximately three months before you want the benefits to begin, this allows the SSA time to file the paperwork and get things in order. How Can I Apply? There are three ways: Online: It’s easy to apply through the SSA website, or, Telephone: 1-800-772-1213, they can take your application over the…
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Social Security: What Is My Full Retirement Age?
The full retirement age for social security depends on when you were born and will determine when you can begin collecting social security. If you were born in 1937 or earlier, your full retirement age is 65. If you were born 1960 or later, your full retirement age is 67. The Social Security Administration has…