I am asked regularly why an Annuity can pay a higher rate than a CD if all interest rates are similar. This short Kiplinger article shares that banks and credit unions make their money on loans: personal loans, commercial loans and mortgages. Interest rates on these loans are very, very low currently. Banks also…
What You Need To Know One of the trickiest—and most critical—Social Security planning strategies applies to widows and widowers who are between the ages of 60 and 70. If this isn’t you, please forward this to someone you know who may find it useful. If you (I am using one gender here but…
Social Security is more confusing than ever. With 5,000+ claiming strategies it’s hard to know what to do. Some are sure they want it at 62 and others at 70. What’s best? Of course, the answer to that question depends on many factors. Some of those are: Age Health Marital status Spouse’s age Spouse’s health…
The dust is far from settled on our nation’s recent stimulus packages. And, there’s talk of more coming. I have had questions about how this may affect your future Social Security benefits. Will I have benefits? Do I file now if I can? Do I wait? First, I would like to know your gut feeling,…
Social Security has been low and reports show it will continue to be and will remain low. According to the article below, the Social Security cost of living adjustment has averaged 1.4 percent for the last 10 years. That is certainly less than inflation. Social Security’s purchasing power has decreased by thirty-three percent since 2000;…
Watch For The Income Tax Torpedo The possibly lurking Social Security tax torpedo is a situation where an extra dollar of income not only gets taxed at your highest marginal tax rate, it also may cause previously untaxed Social Security benefits to be taxed. So instead of adding $1 to taxable income, you must add…
Many of you are concerned that Social Security won’t remain a viable option in the future. Here’s the latest update. Although the journalists won’t be writing about the 2018 Social Security (OASDI) trust fund results until the annual trustees’ report comes out in the spring, we have them for you now. The Social Security Administration…
If you are younger than 65, you probably wonder what all the fuss is about as you’re bombarded with television ads for Medicare Advantage and prescription drug plans this time of year. If you’re over 65 you already know the Medicare open enrollment season begins October 15th and runs through December 7th. Each year, insurance…
Why Open a my Social Security Account? I’ve written about this before, I want to encourage you again to go to ssa.gov/myaccount and open a Social Security account. This is not just for people who are close to retirement. Everyone should open their own account with SSA—before someone else does. Here’s Why: I heard about…
The Three Biggest Social Security Mistakes I See Because I work a lot with Social Security you might imagine how agitated I was when The Office of Inspector General released a report in March showing that 9,224 Social Security recipients were underpaid approximately $131.8 million according to CNBC. The research found that claimants were not…