One of the most common pieces of retirement advice is to delay claiming Social Security until age 70. It's easy to understand why: every year you wait beyond your Full Retirement Age (up to age 70), your monthly benefit increases through delayed retirement credits. If your goal is simply to receive the largest monthly check possible, waiting is often the [...]
Every tax season, the same question arises from Americans receiving Social Security. “Do I have to pay taxes on my Social Security benefit?” The next question is a logical progression. “How much?” It’s based on an IRS formula for combined income. Combined income = Adjusted Gross Income (AGI) + nontaxable interest + ½ of Social Security benefits. Once [...]
Social Security is usually thought of in terms of an individual’s retirement benefit. But it’s equally important to understand the benefits of Social Security for married couples. Whether you’re a Baby Boomer spouse with limited work history because you stayed home to raise the kids, or a married couple that’s discovered a happy family doesn’t require two incomes, here are [...]
Social Security is an important part of almost every retirement plan, whether you’ve saved enough or not. That’s why it’s important to know as much about your Social Security situation as possible. And you don’t want to wait until you’re about to retire to gather the facts. Social Security planning needs to start 5 years before your target retirement date. [...]
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