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Do you pay taxes on your Social Security benefits?

Rachel Christian
Hi there! I recently wrote a story about how a potential 10.5% Social Security cost-of-living-adjustment this year might impact your taxes . Only about 40% of Social Security recipients pay taxes on their benefits. People who work in retirement or receive other sources of income are most likely to pay taxes on SS benefits. If the government boosts people’s checks later this year, it might push some people into the taxable zone. I’m curious, are there any Social Security beneficiaries here...Read More...
Last Reply By maria rose · First Unread Post

Social Security Checks Might Grow in 2023

Whoo-hooo-hoo! I LOVE GOOD NEWS!! ❤️ From MoneyTalksNews : "Get ready for another big bump in Social Security payments, at least if one prediction pans out. Recipients can expect their 2023 Social Security benefit to grow by 9.6% after an adjustment for inflation, according to new projections by the Senior Citizens League. If the prediction proves true, it would mark the highest cost of living adjustment — or COLA — for Social Security since 1981."Read More...
Last Reply By irishnanny · First Unread Post

Social Security Going Up in 2023

Just read that there will be an increase in Social Security benefits in 2023. Article was too large to paste but I hope this will go thru.Read More...
Last Reply By SWP63 · First Unread Post

Retirement budgets: Planned vs reality

Rachel Christian
Planning for retirement seems like a moving target. There are so many things to account for when making a retirement budget. New costs emerge while other expenses go away. I’m curious to hear how your expenses and budget have changed in retirement. What are you spending less money on then you were before retirement? What are you spending more on? And how does it align with your retirement plans? After all, perfect planning can’t account for everything. Let me know what you’ve experienced,...Read More...
Last Reply By sthom · First Unread Post

Inflation vs. S&P 500 Returns

Setting a 14% expectation is harmful. The long term is closer to 11%. 2008 and Q4 2021 to present Q1 2022 is pretty dismal unless you are in this for the long run, i.e. 30-40 years. Yes, put your retirement savings into the S&P when you are young, but you might want to look at a more steady cash flow as you near retirement, i.e. REIT? Best is to plan in your 20s and 30s to not have to use your IRAs at all. For my wife and I our MRD goes directly into a regular brokerage account or to...Read More...
Last Reply By irishnanny · First Unread Post


Paula Strupeck Gardner
In Robin and Rachel’s article, they mention that you need to be familiar with the rules or risk huge penalties and pay more for your lifetime. May I recommend that they rewrite their article to include some of these rules? If you don’t sign up for Medicare Part D in some form (and this includes Medicare Advantage which by the way is very much like the private insurance most people are used to, including offering PPO and HMO choices) at the beginning, you WILL be penalized when you do decide...Read More...
Last Reply By Brigat · First Unread Post

Help! I Need to Sign up for Medicare This Year

Janet Keeler
I turn 65 at the end of this year (no presents, please). Besides being genuinely unsure about how that happened, I am also genuinely unsure about something else: Medicare. Oh, I know the enrollment window opens three months before my birthday and closes three months after. I also know that I have become quite popular, given the mail that I am getting. Pick me! Pick me! No, pick me! It seems every insurer out there has the perfect plan and is willing to spend a lot on printing. I am not...Read More...
Last Reply By Linda S. · First Unread Post

I Got Married, But Do I Still Get to Retire?

Hey ya'll! So I got married, and am now a stay at home parent for the financial health of our household. I used to work in retail and had a 401k but cashed out during the early stages of the pandemic in connection to a family emergency. My question is: What do we do now??? I've only ever known of 401k's and retirement investing in relation to work. But now that I'm not working and all the money from my old 401k is spent is this something we should be saving for?? I've done some reading on...Read More...
Last Reply By irishnanny · First Unread Post

When to do it

Looking for advice. I am a single woman, 61, with a mortgage of 175000. I want to retire around 63. I understand that I would not have Medicare until 65. I find the whole retirement thing to be hard to understand. I have a pension from work, social security and a small 401c. Is there an easy formula to use?Read More...
Last Reply By Angie P. · First Unread Post

Large Sum or Monthly Pension

Hi, my husband's company is offering Early Retirement Offer. The offer is better then the one he would get if he retired normally in 2 years. We keep going back and forth on if he should take the large sum or the monthly pension the company is offering. The large sum the company is offering is 3x the amount. I want monthly to have peace of mind of getting money each month for sure. He wants the large sum to invest it to keep earning money. There is one thing I don't know if the monthly...Read More...
Last Reply By Angie P. · First Unread Post

SS spouse benefit

09/01/21 Dear Sir or Madam: I have read your forum “Social Security Spousal Benefit Rules Every Married Couple Should Know”. The reality is not so pleased. Both my wife and I are 71 years old. She got retirement at her 65 and got a little SS retirement benefit. I knew I would get maximum amount at my 70 years old. So I got retirement last year. My amount is more than twice of my wife’s. Naturally, I claimed SS spouse benefit for my wife to increase her income. However, the clerk of SSA said,...Read More...

Medicare ; Understanding of

Sally Bruton Antrim
Many seem ill informed on the topic of the definition or the most basic ideas of how and when Medicare pays for any aspect of your healthcare needs. Simply put there are 2 types.. original Medicare and medigap/advantage plans or whatever they’re calling this type currently. That’s the first thing one ‘needs to know’, so one should easily be able to distinguish those 2 from each other through or Google, etc. Then I’ll be thrilled to further enlighten the person asking about the...Read More...
Last Reply By irishnanny · First Unread Post

Claiming Social Security

My spouse passed away a few years ago and never drew social security. I turned 60 in 2020 and I signed up for survivors benefits to start drawing on his social security in order to pay off my mortgage before my retirement. I work a full time job and will continue to work until my retirement age. My question is once I retire will my monthly amount raise due to my continued contribution to social security? I'm sure mine would be higher than his by the time I'm ready to retire. I've already...Read More...
Last Reply By Peej · First Unread Post

401k from former employee

About 30 years ago as a young 20-something, I invested in a 401k with my employer. When I left this company, I chose the option to leave the money in the 401k there. If I had any paperwork about it, it is long gone. Over time, this company merged with other companies, I think twice. I contacted the company recently about how to obtain my money, which was thankfully not a lot at time but I know it might have increased over time. They ignored my calls. Is this money gone for good? I'm...Read More...
Last Reply By Barbara J Wheeler · First Unread Post

How helpful is a financial advisor? When should I start?

Clearly, saving money is #1 when it comes to being ready for retirement, and while there are differing opinions on what plan is best, I'm pretty reliable in investing a portion of every check. I started late, but (hopefully) there's still time to catch up. I don't know anything about planning for retirement beyond "just save as much money as possible," though. I don't want to end up waiting too long to consult with an adviser -- but I also worry that I'll miss opportunities to maximize my...Read More...
Last Reply By Mark Laskey · First Unread Post

Military pension & SS

Hi, my husband and I have an interesting question we have not found answers to. How do we calculate our retirement goal (amount needed in savings) having both a military retirement and receiving Social Security? Some additional info: I am a homemaker and he is retired military. If something happens to him, I don't get his military retirement (we signed off the SBP). Thanks so much for any wisdom. ~Mrs. PetersonRead More...
Last Reply By Richard Martin · First Unread Post


Trish Young
Since I left my job, I decided to relocate and buy a new home. I have been told to pay off my present mortgage to reduce debt in order to obtain a new mortgage. Or is it best to sell first and hope I find a house and mortgagor before closing. cash from IRAs for new home and once I sell first home, reinvest.. Advisor has said never pay off mortgage, it’s good debt, but I’m favoring paying it off and pocketing that payment. Interest rate is at 4.25. Thank you!Read More...
Last Reply By Trish Young · First Unread Post
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