Your Social Security Statement is Now Online
May 2, 2012 by MJP
Filed under Social Security
Like me, the Social Security Administration is trying to reduce its paper load. It took a major paper-killing step forward yesterday when it went live with online access to your Social Security Statements. Previously, these were snail-mailed to you annually. You could generate a benefit estimate using the SSA retirement benefit estimator but other important information (such as earnings history) could not be accessed.
Delaying Social Security – A Smart Investment?
April 23, 2012 by MJP
Filed under Social Security
Is delaying Social Security the world’s best investment? Think about that for a minute. I will turn 62 this year, making me eligible to claim Social Security retirement benefits. While I have already decided against taking the money early, I still enjoy checking the validity of my decision with some economic due diligence.
Taxes and Social Security: Random Thoughts and Concepts
March 18, 2012 by MJP
Filed under Social Security, Taxes
My experience as a volunteer tax preparer tells me that there is a lot of confusion among retirees about how Social Security benefits are taxed. This is a significant topic and not just for tax planning purposes. Taxation of benefits is also important to the threshold decision on when to claim Social Security retirement benefits. So let’s review some basic Social Security vs. income tax concepts.
Filing a Restricted Application for Social Security Retirement Benefits
March 4, 2012 by MJP
Filed under Social Security
Today I am writing a little about filing a restricted application for Social Security retirement benefits. I turn 62 later this year but have no intention of applying for an early retirement benefit. I have not yet had any personal interactions with a representative of the Social Security Administration. I have heard from others that when a retiree seeks to apply for benefits, they are told what to do and how to do it but generally that is the extent of it.
Finding the Best Strategy for Social Security Spousal Benefits
January 28, 2012 by MJP
Filed under Social Security
Based on the emails and comments I receive, there is lots of confusion and uncertainty about how to maximize total Social Security retirement benefits for a married couple. The best strategies allow the couple to leave nothing on the table when collecting benefits now and in the future, including when one spouse dies. I have previously written about the key concepts of Social Security spousal benefits.
New Social Security Calculator for Estimating Retirement Benefits
July 26, 2011 by MJP
Filed under Social Security
The questions and debates about when to start receiving Social Security retirement benefits continue to rage. The news coming from DC about deficit reduction and increasing the debt ceiling has made things worse. While this is going on, new concerns have arisen about changes that may come to the Social Security Retirement System.
Starting Social Security Early – Break-Even Age Actuarial Analysis
June 21, 2011 by MJP
Filed under Social Security
The debate over when to start receiving Social Security Retirement Benefits rages on. I have written about it many times, as have others. My general impression is that there is a large group of folks who hit 62, are inclined to take their benefits just to have the money, then look for logic that supports their decision. In the absence of dire necessity or live-limiting health problems, I believe this is a bad approach to the problem. Thus, I appreciated a recent article from CBS Money Watch that looked at the “retire early” issue from an actuarial perspective. Read more
Taking Social Security Early – Boomers Panic
March 10, 2011 by MJP
Filed under Social Security
Boomers are in a full-blown Social Security panic. We are claiming benefits at age 62 in record numbers. In 2007, 38% of 62-year olds claimed Social Security retirement benefits. In 2009, it was 42%. Financial planners think the number is even larger now. Read more
Boomer Nest Eggs – A Retirement Myth
February 20, 2011 by MJP
Filed under Social Security
A recent opinion piece in the LA Times does an excellent job of separating fact from fiction in analyzing the notion that greedy baby boomers are poised to bankrupt the country. Supposedly, we are mostly wealthy boomers making it grossly unfair for us to receive Social Security and Medicare benefits when we retire. Not so fast, says the op-ed writer. Read more
Investing Reasons to Claim Social Security Retirement Benefits Early
February 13, 2011 by MJP
Filed under Social Security
Most financial experts preach against taking Social Security retirement benefits at age 62 because of the permanent damage it does to the benefit amount received by the retiree and that retiree’s surviving spouse. But there may be an investment-based reason to claim an early benefit. Read more
