Social Security Benefits and Taxes (Part 2)
In last week’s post I talked about Social Security. I specifically focused on how, for many Americans, Social Security benefits are the sole source of income but most of these benefits are subject at least in part to income tax. That is the case for a single person who has more than
Social Security Benefits and Taxes (Part 1)
Social Security benefits are the primary source - and in some cases the sole source - of income for a majority of Americans. Many Americans have little to no retirement savings. Company pension plans have become rare and even when available, most people do not stay with a single company long enough
2024 Social Security Cost of Living Adjustment
When we get to the end of the year, it’s time to look ahead to what numbers may change in 2024 for the government programs from which our clients receive benefits. It starts with the Social Security Administration, which announces its cost of living adjustment (COLA). Other government programs then adjust their
What the 2020 Candidates are Saying About Social Security – Part 2
Last week I posted about the future of Social Security and what is being said in this 2020 election year. President Trump’s comments have been ambiguous as far as whether he would cut or protect Social Security, although his recent budget proposal includes cuts of $72 billion to the Social Security Disability program. This
What 2020 Candidates are Saying About Social Security (Part 1)
This being an election year there is talk again about what the candidates propose to do about the Social Security program which most recent projections suggest will run out of money by 2035. The Medicare program projections are more dire, with that program now expected to be insolvent by 2026 which is 3 years earlier
Counting on Inheritance to Pay for Retirement
A recent study of affluent children between the ages of 18 and 22 caught my eye. The study reported that 63% of 1000 people surveyed in this age group said they believe their financial security in retirement will depend in part on inherited money. Granted,