Losing a job when you’re in your 50s or 60s can have serious ramifications for your long-term retirement success – on many fronts. Here’s how, and what steps you can take to help reduce the impact a late career layoff can have on your future retirement income. For one, losing your job later in life may hinder your…
The Pitfalls of Misunderstanding Your Social Security Claiming Options
A recent question I received from a Social Security Planning workshop participant reminded me how many retirees are potentially losing thousands of dollars a year in lost benefits as a result of not seeking out a qualified Social Security Benefits specialist before filing, or in some cases even after filing to ensure they are receiving…
Can my Social Security Benefits be Garnished?
Unfortunately, the answer is yes, and you might be surprised by one of the reasons why – unpaid student debt. A recent report, “Snapshot of Older Consumers and Student Loan Debt” by the Consumer Financial Protection Bureau, sounds the alarm that delinquencies for unpaid student loans are on the rise: “The number of consumers age 60 and…
Medicare Premiums Are Rising – More For Some Than Others
You may already be aware of this, but just in case you aren’t, right or wrong not everyone pays the same amount for their Medicare Part B premiums. As a result, while most individuals enrolled in Medicare will see a small increase in their premiums in 2017, others will see a more sizeable increase. Each…
Are Social Security FICA Taxes Really Retirement Plan Contributions?
Many Americans tend to think of Social Security the same way they think a bout retirement plan contributions. This is understandable, given that we pay FICA taxes with each paycheck, with the expectation that there will be Social Security income waiting for us once we hit retirement. It feels remarkably like the way you set…
Your Social Security Statement Is No Longer In The Mail
On Monday, January 9, 2017, the Social Security Administration announced that due to budget constraints it would stop mailing paper Social Security Statements to most American workers for the second time in the last six years. “Only people 60 or older who have not yet established an online my Social Security account with the agency and who are not…
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