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Although Social Security was never intended to fully fund retirement, and was designed as an income supplement only, many retirees do draw a significant portion of their monthly income from the program. In fact, 62 percent of today’s retirees rely on Social Security to provide for at least half of…
We’re all counting on Social Security to be there when we need it. For most of us that time will be retirement, although some will need to claim Disability benefits sooner. But because Social Security is an enormous government program, with all the usual confusing rules and red tape that…
There’s a lot to look forward to in retirement, such as increased travel opportunities, time for your hobbies, and an escape from the daily grind of work. But most of us won’t completely escape income taxes. Even your Social Security benefits can be taxed, depending upon your income. Luckily there…
Social Security is a common topic among those discussing, and planning for, retirement. And yet many people don’t know much about how the system actually works. Remember, this is your money! You’ve worked for decades, paying taxes into a system that is set up to help you during your…
Planning for your Social Security benefits, especially when to claim them, is one of the most important aspects of retirement planning. It’s also one of the least understood, in terms of how your timing will impact your monthly benefit amount. While there is no answer that is “right” for every…
We often remind our clients that waiting a bit longer, past full retirement age, can help them claim a larger monthly benefit check from Social Security. In many cases this is a smart plan. However, if the wrong person gains access to your Social Security number and realizes that you…
Like most people, you will count on Social Security to provide a part of your income in retirement. But signing up for benefits is generally a bit more complicated than most people think, and there will be plenty of opportunities to make mistakes. Before you claim your benefits, make sure…
Divorce can seem to wreak havoc on many financial plans. However, once the dust has settled and a few years have passed, most of us assume the worst is behind us. That is indeed true in most cases. However, once you reach retirement age, you might find yourself surprised once…
Many of us can’t wait to retire, and relax to enjoy the fruits of our labor. In other cases, some of us will need to retire a bit earlier than planned, due to unforeseen circumstances. In either case, you probably know that you can claim Social Security benefits as early…
The Social Security program was conceptualized as a supplement to retirement income, in a time that company pensions were popular and common. These days, fewer people enjoy a pension program, but Social Security stands as it was conceived. It is, and will be, an important income supplement for your retirement…