Social Security

When one spouse passes away, the surviving spouse’s social security benefit may change significantly, and many retirees are unaware that they generally do not continue receiving both monthly checks. In most cases, the surviving spouse receives the higher of the two benefits, while the smaller benefit stops, which will still create an unexpected reduction in […]

Our Clients have come to us asking why they are paying taxes on their Social Security income when they thought it would be tax-free. It isn’t just those that have built significant wealth that will be paying taxes on some of their Social Security; when your provisional income (your modified adjusted gross income plus 50%

We were recently asked a question that led us to believe this week’s topic might be useful to many of you. While most of us are aware of how Social Security works, here are the five most important things every married couple should know about Social Security.  1) Nothing keeps you from getting your own

Have you ever wondered if working in retirement reduces your Social Security benefits? If you are younger than your full retirement age for the entire year, your benefit will reduce by $1 for every $2 you earn in excess of the [current] annual limit of $22,320. If you start working in the year you reach

Wait a minute! Is it 62, 65, 70 or 73? Let’s start to unravel this question. Social Security can be taken at any time between the age 62 and age 70. At the younger age, the SS administration will re-calculate your benefits and make them lower than if you waited, in order to factor in

We’ve spoken in the past about the financial benefits of delaying the claiming of Social Security benefits. However, what happens if retirees decide to leave their jobs before reaching age 70 and need to “bridge the gap” of income until they do start to claim their Social Security benefits?  Most people would be better off

You’re eligible for the unreduced Social Security benefit (referred to as your Primary Insurance Amount) once you reach your full retirement age. If you were born in 1960 or later, your full retirement age is 67.  You can start taking Social Security retirement benefits as early as 62, but the benefit is reduced by 30%

It’s usually around this time of year, when individuals are preparing paperwork for filing their tax returns, that we are asked what the deadlines for contributions are, and what happens if one spouse is non-working but still wants to make IRA contributions.  As a general rule, you have until tax day to make IRA contributions

We’ve heard many times that it’s a good idea for retirees to put off receiving Social Security payments, as waiting can allow you to get more out of them than if you were to start as soon as age permits.  One way to make this more feasible is to include annuities in retirement strategies to

Let’s start by explaining that when you begin receiving Social Security retirement benefits, you are considered officially “retired” by the Social Security Administration (SSA). You can receive Social Security checks and still work at the same time. However, since you are now “retired” there is a limit to how much you can earn and still