Title: Social Security and You
"Some 'real world' questions and answers relating to Social Security"
Reference: www.poncacitynews.com...providing retirement news snippets from various sources for federal employees, postal employees, seniors, veterans, and people with disabilities who receive Social Security . Your resource for retirement living, investment, employment, health care, and retirement leisure. - Stay Informed!
Title: Social Security and You
"Some 'real world' questions and answers relating to Social Security"
Reference: www.poncacitynews.comTitle: Is Social Security Income Taxable?
Article Snip: "...About 35 percent of Social Security recipients have total incomes high enough to trigger federal income tax on their benefits. To figure out if your benefits will be taxable, you’ll need to add up all of your “provisional income,” which includes..."
Reference: www.theintelligencer.netTitle: Social Security, Medicare and Retirement Plan Changes for 2021
Article Snip: "...From the pandemic to politics and the economy, it’s been a wild year, especially for those near or in retirement. While some uncertainty remains in the outlook for 2021, here’s what you need to know about Social Security, Medicare premiums and retirement plan contributions..."
Reference: www.thestreet.comTitle: 7 Things to Know About the Military's New Retirement Plan
Article Snip: "...Generally, you need to serve for 20 years to retire, and when you retire with 20 years of service you’ll receive 50% of your base pay. If you choose the new plan, that multiplier of 2.5 reduces to 2.0, so you’ll only receive 40% of your base pay at 20 years..."
Reference: www.doughroller.netTitle: How Much Debt do Baby Boomers Have?
Article Snip: "...Baby boomers have an average of $25,812 of debt, not including mortgages—here’s how they compare to other generations.New Experian data finds that ..."
Reference: www.cnbc.comTitle: Average Retirement Income 2020: How Do You Compare?
Article Snip: "...Average Retirement Income from Pensions: A mere 31 percent of today’s retirees have retirement income from a pension, a 6% drop over recent years. This number is trending further downward. Consider yourself extremely lucky if you have this income..."
Reference: www.newretirement.comTitle: For Feds, Net Worth Is More Important Than Income
Article Snip: "...Here are three big reasons why you should focus on your net worth more than your income..."
Reference: www.govexec.comTitle: Special Government Help for Your Retirement
Article Snip: "...government programs are also available, but many older citizens do not participate for a variety of reasons, including lack of knowledge about available programs and the complexity of the application process.3 Read on to learn about what's available, who qualifies, and how to obtain help along with information..."
Reference: www.investopedia.comTitle: When retirement is more valuable than disability compensation
Article Snip: "...Payments under the Federal Employees' Compensation Act are generally higher, but some disability recipients may get more out of switching to the retirement benefit program..."
Reference: www.federaltimes.comArticle Snip: "...Meanwhile, an estimated 88% of nonretirees polled by Gallup believe they'll need their Social Security income to help make ends meet in retirement. This 88% figure marks an all-time high since this annual poll began in 2001..."
Reference: www.usatoday.comTitle: How a Roth IRA Could Help You Keep More of Your Social Security Benefits
Article Snip: "...One significant advantage of investing in a Roth IRA is that your withdrawals in retirement are tax-free. But Roth IRAs offer another tax perk that could help you keep more of your Social Security benefits..."
Reference: starherald.comTitle: Biden vs. Trump: Where the Presidential Candidates Stand on Social Security
Article Snip: "...Biden's overall plan includes some provisions that would boost Social Security benefits in many cases, but it would come at the cost of additional taxes. Meanwhile, Trump hasn't taken Social Security head-on as an issue..."
Reference: www.msn.comArticle Snip: "...As a result, seniors who turn 60 in 2020 will be in line for a much lower benefit during retirement than those who turned 60 just a year ago. That is, unless lawmakers intervene. Will today's 60-year-olds be spared a reduction in benefits? A couple of bills have been introduced to adjust the formula used to calculate Social Security benefits, thereby saving today's 60-year-olds from a lower monthly benefit for life. The Social Security COVID Correction and Equity Act..."
Reference: www.fool.comTitle: When might the IRS be sending the second stimulus check?
Article Snip: "...After Senate Republicans present CARES 2 on Monday, members will begin the work of finding common ground with Congressional Democrats on who will be eligible for the second payment, how big the next stimulus check should be, and when the IRS would start sending out the money once approved. Treasury Secretary Steven Mnuchin offered a clue..."
Reference:Title: 5 Tips For The Millions Of Singles Heading Into Retirement Solo
Article Snip: "...Retiring single or without children has its advantages and disadvantages. With a little extra planning, you can have a fun and fabulous retirement. With some proactive advice, your retirement can be even happier, healthier and wealthier..."
Reference: www.forbes.comTitle: Can creditors take your Social Security?
Article Snip: "...Unfortunately, defaulted debts can lead to a host of problems, including credit damage, lawsuits and sometimes even wage garnishment. But can a creditor take your Social Security if they’re collecting on past-due debts?..."
Reference: www.msn.comTitle: Should I Stop Funding My Retirement Savings Because of COVID-19?
Article Snip: "...Tempting as it may be to scale back on contributions, you should try your best to continue funding your 401(k) or IRA..."
Reference: www.fool.comTitle: These are the 13 states that might tax your Social Security benefit
Article Snip: "...the tax buck doesn't stop with Uncle Sam. Believe it or not, 13 states also tax Social Security benefits to some varied degree. Listed in alphabetical order, these states may take an additional bite out of your Social Security income, if given the opportunity..."
Reference: www.usatoday.comTitle: Retirees: How to Protect Your Portfolio in a Market Crash
Article Snip: "...futures were down again at the time of this writing. The coronavirus outbreak still poses a major risk to global growth that is almost impossible to adequately prepare for...ways in which retirees and those nearing retirement can protect themselves in these turbulent times..."
Reference: www.msn.comTitle: A look at what happens when stocks enter a bear market
Article Snip: "...All told, the Dow fell 1,464.94 points Wednesday to 23,553.22. That's 20.3% below its record close of 29,551.42 on Feb. 12. The S&P 500 index slid 140.85 points to 2,741.38. It's now down 19% from its high of 3,386.15 on Feb. 19..."
Reference: www.daytondailynews.comTitle: Coronavirus fears shouldn't stop you from investing in stocks and adding to your 401(k)
Article Snip: "...deadly coronavirus in China shape your 401(k) in 2020? A significant rise in virus cases on Monday renewed concerns about an economic fallout from the outbreak, sending the Dow Jones industrial average tumbling nearly 900 points. Wall Street professionals who manage money have advised clients to stay the course..."
Reference: www.usatoday.comTitle: Trump suggests he may be open to entitlement cuts in future
Article Snip: "... Asked if entitlement cuts would ever be on his agenda, Trump responded, “At some point they will be.” As a candidate for the White House, Trump stood apart from much of the GOP primary field as he vowed to oppose cuts to Social Security and Medicare..."
Reference: abcnews.go.comTitle: If you don't know these 3 things about your 401(k), you're losing out
Article Snip: "...If you fund a traditional 401(k), the money you contribute is made with pre-tax dollars, which means you immediately shield income from the IRS. That could translate to some huge savings. For example, if you're under 50 and max out your 401(k) this year at $19,000, and you're in the 24% tax bracket, that means you effectively shave $4,5..."
Reference: www.usatoday.comTitle: Can this civil service retiree get Social Security benefits?
Article Snip: "...currently retired from United States Postal Service under Civil Service, so I didn’t pay into Social Security the whole time. I did before that job, and I’m four credits short for Social Security. However, my wife collects on disability. Can I possibly get my credits through her?..."
Reference: www.nj.comTitle: TSP Two-step authentication mandatory before the end of 2019
Article Snip: "...You can avoid interruption to your account access by adding these security features in your My Account Profile Settings now..."
Reference: www.tsp.govTitle: Best City to Live in Every State
Article Snip: "...The majority of the cities on this list are relatively wealthy. Valley, Alabama is an exception. The typical household in Valley earns just $39,387 a year, about $5,000 less than the typical Alabama household. Still, serious financial hardship is less common in Valley than in Alabama as a whole as 15.7% of area residents live below the poverty line, well below the 18.4% state poverty rate. Valley residents also benefit from a low cost of living as goods and services are about 6% less expensive in the city than they are nationwide on average. Valley is a pilot city for the Alabama Communities of Excellence program, a non-profit that partners with governments, businesses, and universities to prepare participating communities for a more vibrant future..."
Reference: 247wallst.comTitle: States Where People Live the Longest
Article Snip: "...To identify the states where people are expected to live the longest, 24/7 Wall St. reviewed life expectancy at birth figures for 2010-2015 obtained from the National Association for Public Health Statistics and Information Systems (NAPHSIS) and the Robert Wood Johnson Foundation (RWJF)..."
Reference: 247wallst.comTitle: United States Life Tables, 2008
Article Snip: "...Objectives — This report presents complete period life tables for the United States by race,Hispanic origin, and sex, based on age - specific death rates in 2008..."
Reference: www.cdc.govTitle: Life Tables for the United StatesSocial Security Area1900-2100
Article Snip: "...Actuarial Study No. 120 displays life tables based on historical and projected mortality in the area covered by the United States Social Security program. This projected mortality was used in estimating the future costs for the Old-Age, Survivors, and Disability Insurance (OASDI) program included in the2005 Report of the OASDI Board of Trustees to Congress. A web address for this and other Actuarial Studies is www.socialsecurity.gov/OACT/NOTES/actstud.html.The historical calendar year life tables in this study differ from those published by the National Center for Health Statistics (NCHS). NCHS prepares U.S. Decennial Life Tables based on the decennial census of population and deaths for a three year period containing the census year..."
Reference: www.ssa.govTitle: Why Delaying Social Security Benefits Could Be a Costly Mistake
Article Snip: "...Determining whether it's wiser to claim early or delay benefits comes down to your life expectancy. If you have health issues or other reason to believe you won't spend a long time in retirement, waiting to claim benefits may not make financial sense. For example, if you live until, say, age 75, you'll likely receive much more in benefits overall if you were to claim as early as possible at 62 rather than wait until age 70..."
Reference: madison.comTitle: Here's How Having A Pension Affects Your Social Security Benefits
Article Snip: "...The WEP may impact your retirement income if you qualify for both a pension and Social Security benefits. The WEP has been an ongoing source of debate among lawmakers. It was initially implemented to add fairness to the Social Security benefit calculation. But now lawmakers aren't so sure it's fair enough..."
Reference: madison.comTitle: Will The Maximum Social Security Benefit Increase In 2020?
Article Snip: "...There is some good news and some bad news for workers near the top of the Social Security payroll tax levels. For 2019, the top-level is $132,900 or more. The bad news is that more of your income will get hit with Social Security taxes in 2020..."
Reference: www.forbes.comTitle: Retire Before 40?! 10 Towns Where Your Dream Can Come True
Article Snip: "...#1 is Huntsville, Alabama, Average salary: $54,630**, Percentage of high-paying jobs: 28.1%, Median home sale price: $202,900. This Southern city is anything but sleepy, since it serves as home to the NASA Marshall Space Flight Center, the U.S. Army’s Redstone Arsenal, and offices for Lockheed Martin, Boeing, and Northrop Grumman. With such aerospace, defense, and tech heavyweights in the area, Huntsville is famed for its educated workforce and sky-high wages to go with it. Paired with Huntsville's low home prices and a cost of living 3.3% lower than the national average..."
Reference: www.chron.comTitle: Federal Retirees Will Get 1.6% COLA in 2020
Article Snip: "...Retired federal workers will receive a cost of living adjustment of 1.6% to their defined benefit pensions next year..."
Reference: www.govexec.comTitle: Watch for These 9 Signs of Identity Theft
Article Snip: "...contact the three major credit bureaus, Equifax, Experian and TransUnion, to request a credit freeze on your accounts. Also known as a security freeze, this helps prevent new accounts from being opened in your name. A credit freeze is free and won’t affect your credit score..."
Reference: www.msn.comTitle: Elizabeth Warren’s new plan calls for tax hike on wealthy to pay for Social Security overhaul
Article Snip: "...Sen. Elizabeth Warren is calling for the wealthy to pay for an overhaul of Social Security that would boost the annual payment to retirees by $2,400 and extend the program’s solvency by two decades..."
Reference: www.chicagotribune.comTitle: Top Retirement Strategies for Government Employees
Article Snip: "...Retirement planning is different if your career has been as a government employee. The mainstream advice about 401(k) plans and Social Security benefits doesn’t apply to you. Here’s a look at the top strategies for government employees to plan for a successful retirement..."
Reference: www.investopedia.comTitle: Should You Carry Your Mortgage Into Retirement?
Article Snip: "...there can be some drawbacks. Carrying a mortgage in retirement can be a good idea in certain situations, but it is certainly not a one-size-fits-all solution for increasing retirement income..."
Reference: www.investopedia.comTitle: Baby Boomers: Don't Buy Into These 10 Pre-Retirement Investment Myths
Article Snip: "...As Baby Boomers approach retirement, they may encounter a lot of so-called “expert” advice telling them how to invest just before or during their golden years. While some of this guidance is sound, other tips are myths that may, in fact, steer investors in the wrong direction..."
Reference: www.forbes.comTitle: What You Don't Know (But Should) About Your Thrift Savings Plan
Article Snip: "...federal employees and members of the military save for retirement with a different kind of account: the Thrift Savings Plan, or TSP. In some ways, TSPs function similarly to 401(k)s. You make contributions, and your..."
Reference: www.forbes.comUS aid paying Ukrainian pensions Snippet of Article: "...Joe Biden stated that funding in a Ukrainian aid package, and later app...