Tag: Social Security
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Social Security Ends Payback Option
Last year I wrote about how you could take social security early and still receive the full benefit. The IRS has caught on to that option and is has established rules that keep it from being a viable option. The Social Security Administration published rules that limit the time period for beneficiaries to withdraw an…
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The Future of Social Security
The following is a post from staff writer Crystal at Budgeting in the Fun Stuff, where she writes about finding the balance between paying your bills, saving for your future, and budgeting for the fun stuff along the way. Everyone knows that the United States Social Security System is in trouble, but nobody knows exactly…
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No Social Security COLA Increase in 2011
According to several news sources it appears unlikely that there will be a cost of living adjustment (COLA) increase for Social Security in 2011. This would be the second year in a row without an increase. The COLAs are set automatically according to the Consumer Price Index for Urban Wage Earners and Clerical Workers. This…
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Social Security Reform Ideas
When it comes to the Social Security system, the only absolute facts are that changes must be made to keep it solvent. With the arrival of retirement age for the baby boom generation, the system will have two workers for every retiree by 2030; currently there are 3.2 workers per retiree paying into the system.…
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2010 Income Tax Brackets
Every year in mid-September, the Bureau of Labor Statistics releases inflation data for the last year and tax mavens get to calculating how much all the various tax numbers will move. It turns out inflation was a mere 0.19%, meaning most of the figures won’t change at all. For referential purposes, the 2010 IRS Tax…
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Social Security & Medicare in Financial Distress
Earlier this week Treasury Secretary Timothy Geithner revealed that the Social Security trust fund might be exhausted as early as 2037, which is four years earlier than the estimate last year! The main reason for this adjustment comes from the rising unemployment rate, which affects how much is being paid into the trust fund, tax…
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How the Stimulus Package Affects Retirement
If you’re retired or getting close to retirement, the stimulus package recently signed into law has a few perks in it that could benefit you a little bit. While much of the focus and discussion was on the infrastructure spending, there’s quite a few provisions in there for folks in or nearing retirement. It’s not…
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Retirees: Consider Buying TIPS
I recently received an email that contained some personal finance advice from two individuals I’ve always held in high regard – Scott Burns and Laurence Kotlikoff. Burns is a syndicated personal finance columnist, chief investment strategist for AssetBuilder, and originator of the couch potato lazy portfolio. Kotlikoff is a professor of economics at Boston University…
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Four Reasons Couples Should Stagger Retirement
An important question you should ask yourself, as a couple nears retirement, is whether they should stagger retirement. It’s a topic that is worth exploring with your loved ones because there are many financial and relationship issues that accompany retirement and those can be, in part, alleviated if you opt to stagger your retirements. An…