Due to legislative changes, fewer people can take advantage of spousal Social Security strategies. But if you qualify, they can be a major benefit. You may have heard from friends or the media about the “restricted application” for Social Security benefits. This is still available for some people, but you must meet certain criteria. Ordinarily, …
If you have ever worked for the federal government, you know there can be confusion about CSRS, FERS, and something called “CSRS offset.” Let’s see how these federal retirement plans interact with Social Security. CSRS or FERS? The Civil Service Retirement System (CSRS) was enacted in 1920 to give federal employees pension benefits at retirement. …
You might assume it’s safer to keep your personal details—especially your Social Security number—off the internet. Actually, setting up a my Social Security account is an important step toward protecting your benefits. We’ve all heard warnings not to give out our Social Security numbers anywhere—not on the phone, not online. So it might seem counterintuitive …
With the demise of guaranteed pensions, and in light of the risks you face in managing your own retirement assets, maximizing Social Security becomes a critical part of retirement planning. How claiming age affects the income stream One of the most important decisions a retiree faces is when to apply for Social Security benefits. This …
Continued earnings could increase your Social Security benefit depending on your situation. One thing is for sure: working part-time at reduced pay will never cause your benefit to go down. A common question among people in their 60s is this: If I keep working, will my Social Security benefit go up? An even more common …
Will Working Longer Help – Or Hinder – Your Social Security Benefit? Read More »
What if you claimed Social Security and then realized you would rather stop benefits and get more later? Can you change your mind? You might go back to work and no longer need the income. Or you might realize that it makes more sense to draw from other sources of income and let the Social …
The vast majority of American citizens spend their whole lives in the U.S., paying into the U.S. Social Security system and eventually drawing benefits which are deposited into a U.S. bank account. But as with all things Social Security, there can be complications. Here are some examples of how Social Security works in overseas cases. …
If you have minor children at home, Social Security benefits may be available to them. Know these rules and get maximum benefits for your family. It is not so unusual today for a person eligible for Social Security retirement benefits to have young children. Once the parent files for benefits, a minor child may also …
With more people learning about file-and-suspend and claim-now-claim-more-later strategies, mistakes are being made – like trying to do certain things before full retirement age. Also, the Budget Act of 2015 changed some of the rules about who can do what and when. File-and-suspend One now-closed strategy is file-and-suspend, where the higher-earning spouse files for Social …
Creative Social Security Claiming Strategies: Understanding the Nuances Read More »
Social Security is more complicated than most people think. Here are six of the most common questions that come up on Social Security. With the baby boom generation entering retirement, there’s a lot of demand for good Social Security information. People are confused—both about how the system works, and how these inner workings affect their …
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