Do You Know What You’re Owed?
The Social Security Administration makes it easy to check your projected Social Security benefits. If you haven’t signed up yet for your http://www.ssa.gov/myaccount , what are you waiting for – there’s no time like the present!
Select Carefully: Social Security Selections Matter, Especially for Women
Social Security was created in the 1930s for a different era; now women are impacted more adversely if they make the wrong claiming choices. Make sure you understand these issues; click here to learn more.
Retirement Benefits Slated to Increase in 2019
As of 2019, retired Americans who collect Social Security recipients will get the biggest COLA bump in seven years. Retirement benefits are slated to rise 2.8% next year, based on the formula that determines annual cost-of-living adjustments in Social Security. It’s the biggest gain since a 3.6% advance in 2012. Read more from Jeffry Bartash here.
Married Women Make This Mistake with their Social Security; Are You?
A big gender gap exists in Social Security wealth because of married women’s retirement decisions, a National Bureau of Economic Research study found.
“Women tend to marry older men and to retire around the same time as their husbands even though they also live longer, on average, than men and may have had shorter careers because of childbearing.
By retiring early, the paper says, women often forego both substantial future earnings and significant amounts of prospective Social Security benefits that they would have received if they had worked longer.”
Click here to read the full article from Michael Fischer.
How people get as much as 88% more from Social Security!
Many people may be unaware of the impact various decisions can have on their ultimate social security benefit amount. Timing of election, work income, taxes, spousal benefits, etc., must all be considered in effective social security benefit planning.
Regarding the timing of elections, for example, according to a recent study covered by CNBC, someone who retires and begins claiming Social Security at age 70 would receive a benefit that’s 76 percent higher than the one he or she would receive at age 62. The CNBC piece points out that if you factor in late-career earnings replacing a zero-income year, the increase can become as much as 88 percent for women and 82 percent for men.
At Frye Retirement we are familiar with the complicated algorithms, and can crunch the numbers and guide you with any of your social security planning questions. For the full CNBC piece click here: how to get 88% more from social security.
Good News on Tax Saver’s Credits
Laws that were enacted as part of the Bipartisan Budget Act of 2015 include new rules that could mean larger tax credits for some workers.
Bigger Retirement Savings Contributions Credit
The Saver’s Credit is an important tax credit that many American workers who save for retirement may be missing out on. Low and moderate-income savers who meet IRS requirements may be able to take a bigger tax credit (“Saver’s Credit”) of up to $2,000/$4,000 (singles/couples) for making eligible contributions to an employer sponsored retirement plan or IRA. To see if you qualify, visit www.irs.gov and enter “Do I qualify for the Retirement Savings Contributions Credit?” in the search box.
