Social Security

After years of hard work and seeing that large deduction from your income called FICA (or SECA if you're self employed), you've finally made it to begin collecting your Social Security benefits. The checks start rolling in but then you notice something when you file your taxes. Your Social Security benefits are taxable! Is that right? Unfortunately, yes. A lesser-known aspect to those yet to claim is their potential taxability. Understanding how Social Security benefits are taxed can help beneficiaries manage their finances more effectively and avoid unexpected tax liabilities. This article will delve into the specifics of Social Security taxation, including…

Social Security benefits are one of the key sources of retirement income for most Americans so it can be quite disturbing to reach news headlines like:"Americans will lose full Social Security benefits in 11 years" - Business Insider"Social Security benefits may be cut by at least 20% in the next decade" - CNBCWhether you're currently claiming Social Security, are within striking distance of claiming, or have a few decades or more (that's me 🙋‍♂️) before claiming, it is important to understand what is happening with Social Security, why the alarm bells are being raised, what can be done about it,…

Social Security benefits are one of the cornerstones of anyone looking to retire in the US. A retiree's Social Security benefit provides them with a monthly stream of income that adjusts each year for inflation and lasts for as long as they live. While the actual formula used is complex and beyond the scope of this article, understanding the major components of the calculation will help maximize your Social Security benefits over your lifetime. Key Ideas Delaying Your Benefits Increases Your Monthly Amount Reviewing Your Earnings Record to Catch Mistakes Early Filling Your Top 35 Years Increases Your Benefits Understand…