Archives for Social Security

When should you begin collecting Social Security? It’s complicated.

The question of when to file for Social Security benefits might seem simple—until you get into your 60s and start learning about the dozens of ways to file, especially if you are married. The age consideration alone is your first big decision. You can file as early as age 62—for a reduced benefit of around 70% of what you will get if you wait until your full retirement age. (So how old is that, you might ask?) Full retirement age used to be 65, but now it’s 66 or 67, depending on your month and year of birth. If you
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Categories: Retirement and Social Security.

Top 5 Things Baby Boomers Should Know

The Social Security COLA (cost of living adjustment) in 2019 will be 2.8%. This is the largest COLA increase from the Social Security Administration since 2012.1 Social Security benefits are often taxed. If you work and are at full retirement age or older, you can earn as much as you want and your benefits will not be reduced; however, you may have to pay taxes on them. If your annual combined income is from $32-$44,000 filing jointly, you may have to pay taxes on 50% of your benefits. If your income is more than $44,000 filing jointly, then you may
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Categories: Estate Planning, Medicare, Retirement, Social Security, and Tax Planning.