Social Security Archives

Examining the Future of Social Security, Medicare, and Your Taxes

The Social Security trust fund is now expected to be depleted by 2034, according to a recent report from the Social Security and Medicare trustees.[1] That’s one year earlier than they reported last year, and the pandemic is to blame. Less was collected in payroll taxes when unemployment was high, and more people claimed benefits. Although this information may seem like a death sentence for the program, the truth regarding the future of Social Security, Medicare, and [...]

Rebecca Mack2021-10-13T20:21:28+00:00October 13, 2021|Medicare, Retirement Planning, Social Security, Taxes|

What’s Your 401(k) Game Plan?

If you’re nearing retirement, have retired, or recently left your company for any reason, you should create a 401(k) game plan. Know how your investment options can expand, how to avoid tax traps, and what you’ll do with any company stock in your 401(k). There are many options, and the right one depends on your age, retirement goals, and overall financial situation.– here’s what to consider. You Can Roll Over Your 401(k) Into an IRA Although [...]

Rebecca Mack2021-08-18T19:41:11+00:00August 18, 2021|Social Security|

How Will Social Security Respond to Higher Inflation?

Inflation is on the rise, and Federal Reserve Chairman Jerome Powell recently testified to Congress regarding the Federal Reserve’s commitment to controlling inflation. He admitted that inflation is “well above target” but didn’t indicate any major changes in Fed policy in the near future.[1] Retirees may need to be concerned about inflation, which can eat away at savings and any fixed-income payments they receive, including Social Security benefits. Because of this, we could see a change [...]

Rebecca Mack2021-08-06T19:48:13+00:00August 2, 2021|Economy, Social Security|

Be Part of the 4% When it Comes to Social Security

According to a recent study, only 4% of retirees claim Social Security benefits at the optimal time, losing out on an average of $111,000 per household.[1] There are many things to consider when choosing how to claim your benefit, and there’s no one-size-fits-all formula for maximizing it. Consider your unique situation and read these tips on how to be part of the 4% when it comes to Social Security. Waiting to Claim Means a Larger Benefit [...]

Rebecca Mack2021-07-21T18:02:25+00:00July 21, 2021|Social Security|

How Will Social Security Benefits and Taxes Change Next Year?

The Social Security Administration recently made some important announcements that workers and retirees should note, including a Social Security benefit increase – and a tax increase. While it’s very unlikely that the program will ever disappear, we could see changes in the coming years due to the program's financial state. The Social Security trust fund was projected to run out in 2035, at which point about 79% of benefits would be payable.[1] Here’s how Social Security [...]

Rebecca Mack2020-10-26T12:43:30+00:00October 26, 2020|Financial Planning, Social Security, Tax Strategies|

How Could the Outcome of the Election Affect Social Security?

Regardless of who wins the election, Social Security will surely remain a hot button issue. The program currently pays out more than it takes in, and this trend is likely to continue. The Social Security trust fund was projected to run out in 2035, at which point about 79% of benefits would be payable.[1] However, that projection was made before the pandemic and increased unemployment hit. President Trump and Presidential Candidate Joe Biden have different ideas [...]

Rebecca Mack2020-09-28T01:24:23+00:00September 28, 2020|Social Security|

When It Comes to Social Security, Focus On What You Can Control

Even if you don’t plan to rely primarily on Social Security for income in retirement, it’s still an important part of your retirement plan. Despite its importance, only 4% of retirees claim Social Security benefits at the optimal time, losing out on an average of $111,000 per household, according to a recent study.[1] You might have many worries in today’s world, especially when planning for retirement. But, when it comes to Social Security, focus on what [...]

Rebecca Mack2020-08-10T13:59:23+00:00August 9, 2020|Social Security|

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 this pandemic on Social Security and taxes. The State of Social Security The 2020 Social Security report projects that the [...]

Rebecca Mack2023-10-27T14:09:11+00:00June 1, 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 - 8% per year you defer until age 70. This can make balancing immediate needs with long-term financial well-being difficult. There [...]

Rebecca Mack2020-05-11T03:55:20+00:00May 11, 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 with your trusted financial professional on how recent and future Social Security changes can potentially impact your overall retirement plan. Here’s [...]

Rebecca Mack2020-02-04T01:17:53+00:00February 4, 2020|Social Security|