Far-Reaching Effects of This Pandemic on Social Security and Taxes

Long after the restaurants and hotels are open again, the economic impact of the COVID-19 pandemic will still be felt by many individuals and the country. During this time of widespread unemployment, less is collected in payroll taxes that fund Social Security, while emergency federal spending has increased significantly. Here are potential far-reaching effects of [...]

2020-05-31T19:19:13+00:00May 31st, 2020|Economy, Social Security, Tax Strategies|

Should You Claim Social Security Early Due to Financial Hardship?

If your financial or employment situation has changed due to coronavirus, you may be rethinking your Social Security claiming strategy. While you can claim Social Security benefits as early as age 62, you will receive a permanently smaller benefit. If you wait to claim past your full retirement age, your benefit will increase by 6 [...]

2020-05-11T03:56:00+00:00May 11th, 2020|Financial Planning, Social Security|

What You Need to Know About Social Security Changes in 2020

10,000 Baby Boomers are turning 65 every day[1], and Social Security will soon start to pay out more than it takes in.[2] While it’s unlikely that the government will ever get rid of the program, there will likely be some changes in the coming years. It’s important to understand the system and to work closely [...]

2020-02-04T01:17:39+00:00February 4th, 2020|Social Security|

Will Inflation Erode Your Social Security Benefit’s Buying Power?

In 2019, Social Security benefits received a 2.8% increase[1] – the largest since 2012. But in 2020, benefits will only see a 1.6% increase[2]. Even though inflation is low right now, the cumulative effect of inflation has eroded the buying power of Social Security by a third since 2000[3] according to the Senior Citizens League. [...]

2019-11-04T19:36:10+00:00November 4th, 2019|Financial Planning, Social Security|

A Social Security Claiming Strategy to be Eliminated

Updated Thursday, September 12th, 2019 Did you know that there are many ways you can claim Social Security benefits? On one hand, this means that people may choose a strategy based on their unique lifestyle, income needs, and family situation. On the other hand, it means that there can be potential room for error: A [...]

2019-09-13T00:53:25+00:00September 9th, 2019|Social Security|

Common Social Security Scams

Turning 65 means a lot of great things – you’re eligible for Medicare, you’re at or near your full Social Security age, and of course you can get into some museums, buy Amtrak tickets, and eat at certain restaurants for a discounted price. Unfortunately, you may also be targeted by criminals trying to steal your [...]

2019-08-26T20:23:28+00:00August 26th, 2019|Fraud Protection, Social Security|

The State of Social Security

The annual report on Social Security’s financial condition was recently released, and many are worried about the program’s solvency. The annual cost of the program is expected to exceed its income for the next 75 years starting in 2020. And, the trust fund that covers retirement benefits is expected to be depleted by 2034. This [...]

2019-06-03T22:12:12+00:00June 3rd, 2019|Social Security|

Why Can’t You Rely Solely on Social Security in Retirement?

Social Security is only designed to replace a part of a retiree’s income, and the buying power of its benefits has decreased by a third since 2000, according to a report by the Senior Citizen’s League. The cost-of-living adjustments (COLA) used to determine Social Security benefits don’t always accurately reflect seniors’ rising living expenses. And, [...]

2019-01-29T01:51:14+00:00January 29th, 2019|Retirement, Social Security|

Protect Yourself from Social Security Fraud

Recently, the Social Security Administration announced that they are taking action in an attempt to crack down on Social Security fraud. With the biggest Social Security day of the year, October 11, fast approaching, where Social Security beneficiaries find out how much, if any, of a “raise” they are going to get for the year. [...]

2018-10-09T13:02:42+00:00October 9th, 2018|Fraud Protection, Social Security|