Tag: Social Security
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Banks Cannot Garnish Social Security Payments
The Social Security Administration recently released a report on an investigation into the practice of banks garnishing Social Security and disability payments for third party creditors, a practice that is illegal. It was discovered that approximately $171.4 million was garnished from accounts receiving direct deposits of SS benefits and other direct deposits and an additional…
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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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Restarting the Social Security Clock
*The strategy discussed in this post no longer works since Social Security has changed their rules. You can start receiving Social Security payments as soon as you turn 62 but you pay a penalty for taking payment so early. If you wait until full retirement age, which varies with the year of your birth, you…
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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…