Tag: Social Security
“The Social Security hell morphed into Medicare hell and, will, not doubt, morph into federal income tax hell and then state income tax hell.” A cautionary report about a man who simply wanted to apply for Social Security appears in a recent article from Forbes, “A Social Security Application Mistake or A Malicious Policy with […]
“The Inspector General of Social Security, Gail S. Ennis, is warning the public about fraudulent letters threatening suspension of Social Security benefits due to COVID-19 or coronavirus-related office closures.” As if the elderly didn’t have enough to endure, now comes word that scammers who typically prey on seniors are upping their game. Stating that Social […]
“You’ve probably received one: A recorded call warns of a problem with your Social Security number. To fix it and avoid legal action, you’re told, you must call back immediately—and pay up.” You’d think everyone would know to ignore these calls. However, these criminals are so convincing, says The New York Times in the article […]
“Assuming you have income in retirement, you will be subject to at least some income taxes in your golden years.” Once you are retired, the only tax you won’t have to pay will be—can you guess? Yes, payroll taxes. However, there are plenty of other taxes to be paid, advises Forbes in the article that […]
“Research shows that moving 401(k)s to after-tax contributions would boost tax returns in the short term, but leave retirees worse off.” Overhauling the retirement savings system is the subject of considerable talk in Washington these days, with the focus on how to give an immediate boost to government tax revenues. With retirement fund accounts being […]
“While it’s not the best idea to expect your benefits alone to support you in retirement (after all, Social Security is only designed to replace around 40% of your pre-retirement income), some retirees have no other option but to depend on their monthly checks to cover the majority of their expenses.” According to the Social […]
“Many people are looking forward to 2020, simply because it’s the start of a new decade. However, if you plan to retire in 2020, then you clearly have your own set of reasons to get excited for the year ahead.” If you’re sure that you are going to leave the working world and start your […]
“According to the U.S. Census Bureau, the average age of widowhood in the United States is a surprisingly young 59.” Becoming a widow at a relatively young age, puts many people in a tough financial position, says the article “Preparing for the Unexpected Death of a Spouse” from Next Avenue. At this point in their […]
“Retirees preparing to file their taxes for this year should be aware of a number of common pitfalls, often-overlooked deductions and changes that stem from the tax overhaul two years ago.” Did you know that there is a new federal income-tax form for seniors designed to make filing taxes easier this year, especially for those […]
“Congratulations! Your retirement planning paid off. You built a $1 million retirement nest egg. How long will $1 million last in retirement?” For most retirees, the goal is simple: don’t run out of money. That’s the worry that plagues most Americans—61% of them, according to a survey from Allianz Life. How do you keep that […]
