My birthday is this Sunday, and my girlfriend has been asking me what I want to do to celebrate. Should we go to a fancy restaurant? Find a really cool activity or experience to enjoy? All on her dime, of course 🙂 I don’t know about you, but I like a good deal. Even when someone else is paying. That in mind, I did some searching this morning and found a great deal. Benihana (the Japanese restaurant) offers a $30 coupon…
Category: Social Security
Social Security and Taxes
To the surprise of a number of people that I’ve worked with and talked to, yes, there is a chance that your Social Security Benefits will be taxed. Currently, about 40% of people who get benefits pay income taxes on them. I know what you may be thinking: I’ve paid Social Security Taxes all throughout my earning years, and now you’re telling me that I could be taxed on it again? Yup, that’s exactly what I’m saying. It’s kind of…
3 Common Social Security Mistakes to Avoid
Social Security is a really big decision that is going to affect you for the rest of your life. But, like all government programs, it is complex, making it easy to make mistakes that keep you from getting your full benefits. Knowing the most common mistakes people make can help you get the most out of your Social Security benefits. If you’re starting to think about your retirement, here’s what you need to know about Social Security benefits and how…
Spousal, Widow, and Divorcee Benefits
When it comes to Social Security benefits, your marital status can make a big difference. If you are single and have never married, frankly, you have the easiest path to picking your Social Security benefits. Why? Well, you just don’t have as many options! Once you get married, divorced, or widowed, you will have a couple more options to consider. Even if you have not worked yourself, if you are married, divorced, or widowed, you may be eligible to collect…
Playing the Long Game by delaying your social security benefits
As we detailed in the last blog (Understanding Your Social Security Options), although you can start receiving your Social Security benefits at age 62, it really pays to wait. The longer you wait to take your benefits (between the ages of 62 and 70), the higher your monthly benefits are than if you took your Social Security early. So, what if I wait? To put this into perspective, here’s an example of what those different benefit amounts would look like…
Understanding Your Social Security Options
For many Americans, Social Security is an extremely valuable tool in generating the retirement income that they need to be comfortable. Because of its importance, I strongly recommend exploring all of your options before you make a decision on when to claim it. The most common age that people take their Social Security benefits is age 62, right when they are first eligible. Now this may be because they simply need the income, and I certainly understand that. However, there…
Are You Getting Your “Fair Share”?
There seems to be a growing number of politicians these days who think that us taxpayers haven’t “paid our fair share” of taxes…. They think that the people paying federal income taxes, state income taxes, property taxes, sales taxes, payroll taxes (and more), for decades, simply aren’t contributing enough to our government. Frankly, I think that’s wrong. If anything, I don’t think taxpayers are receiving enough benefits for forking over so much in taxes. But that’s just me…feel free to disagree. If…
Benefits of Delaying Social Security
One of the most important considerations in retiring is determining what to do with your social security benefits. Given the various options available, it can be a little overwhelming to figure out what to do. Yet there is growing research that shows the benefits of delaying social security. Many of us are already familiar with the large role that social security plays in a retirees life. If you aren’t familiar, here’s a quick refresher: For households over the age…