You owe federal income tax wherever you live. But your overall tax burden can vary dramatically depending on where you live. Read on to learn more. Best Places to Retire: State Taxation … [Read more...] about Best Places to Retire: State Taxation
When you are making plans for retirement it is important to pay attention to all relevant factors because things are always changing. It is challenging enough to manage your own affairs effectively, but there are also things that take place that are out of the control of the individual that can have an enormous impact on your retirement. For a case in point look no further than the Wall Street debacle of 2008 that derailed many carefully conceived retirement plans. In addition to market … [Read more...] about Majority Of Americans Oppose Social Security Cuts
Many people are surprised to hear that, according to the Social Security Administration, 64% of those who are receiving Social Security are relying on it as their primary source of income. A third of the people who are receiving Social Security say that their benefit comprises at least 90% of their total income. The average Social Security benefit is $1072 per year, and a recent Associated Press-LifeGoesStrong.com poll reveals that 25% of baby boomers, who are retiring in droves, have zero … [Read more...] about Social Security Resource Online
Retirement planning involves looking ahead and making projections based on the information that is available you in the present. Of course this is an ongoing process and as new information becomes available adjustments are inevitably going to be necessary. There are a lot of things that are out of our control, and the financial meltdown that took place in 2008 certainly demonstrated to all of us that changes can come down the pike in a hurry. But it would seem on the surface as though one thing … [Read more...] about Social Security, Medicare, Medicaid, & Budget Cuts
When you are planning for your retirement years there are many possibilities to consider and exactly how you go about it will depend on the specifics of your financial situation, your retirement objectives, and your anticipated expenses. Each situation is unique but the one thing that you can probably count on is that you will be receiving Social Security and have access to health care through Medicare during your retirement years. The reason why we say you can "probably" count on Medicare and … [Read more...] about Maximizing Social Security Benefits
Working people of all ages know that Social Security exists because you can't help but notice the huge bite that it takes out of your paycheck every couple of weeks. But as your retirement years start to come into clearer focus Social Security becomes much more immediately relevant. While it is true that few people are going to be able to enjoy a robust retirement on Social Security alone it can certainly give you a boost. Most people are aware of the fact that the amount that you receive is … [Read more...] about Interest-Free “Loans” Via Social Security No Longer Available
Deciding when you should collect Social Security isn’t always as clear cut as you might think. Quite the contrary, there are several factors that should come into play. For starters, you’ll need to have enough work credits to receive benefits and of course, be of a certain age to even apply. The “work credits” are earned throughout your life and represent the Social Security premiums you paid in while you were working. If you were born during or after 1929, you’ll need at least forty credits … [Read more...] about When is the Right Time to Collect Social Security?