Social Security

How the One Big Beautiful Bill Act (OBBBA) Affects Investors | Zacks Investment Management Blog

Financial Planning, Retirement, Social Security, Taxes

Digging into the One Big Beautiful Bill Act

The One Big Beautiful Bill Act (OBBBA) has been signed into law, which makes now a good time to review how the law financially affects individuals, families, and businesses. Depending on where you look, you can find sweeping praise or stern criticism of the law’s provisions. I’ll offer no such viewpoint here.

My goal instead is to give readers straightforward, objective commentary on how the bill impacts household and corporate finances, which by extension can provide clues regarding potential investment implications.

I’d like to start with what has not changed. Despite some speculation during the legislative process,

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SSA Expects Megabill to Remove Tax for Nearly 90 Percent of Social Security Beneficiaries | The Epoch Times

Retirement, Social Security

Currently, out of the 58.8 million seniors who are at least 65 years old who receive Social Security income, 64 percent do not have to pay tax on these benefits, according to the report.

Once the OBBB comes into effect, 88 percent of such individuals won’t have to pay taxes on their benefits.

Read the entire article: SSA Expects Megabill to Remove Tax for Nearly 90 Percent of Social Security Beneficiaries | The Epoch Times

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1 Big Reason You May Regret Claiming Social Security at 62 | Personal Finance | mooresvilletribune.com

Financial Planning, Retirement, Social Security

As you’re preparing for retirement, one important decision you’ll need to make is what age you’ll begin claiming Social Security benefits.

The earliest you can file for benefits is age 62. This is also the most popular age to claim, with 48% of women and 42% of men filing for Social Security at this age, according to a report from the Center for Retirement Research at Boston College.

While there are advantages to claiming early, there’s also one significant risk you face that could potentially derail your retirement plans.

Read the entire article: 1 Big Reason You May Regret Claiming Social Security at 62 | Personal Finance | mooresvilletribune.com

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6 Unexpected Sources of Retirement Income | Business | kenoshanews.com

Financial Planning, Lifestyle, Retirement, Social Security

Retirement should be your time to relax and enjoy life, without alarm clocks and meetings. Unfortunately, saying goodbye to your boss also involves saying goodbye to your paycheck.

If you haven’t already saved ample funds to a 401(k), IRA, Health Savings Account, or a regular old savings account, you may be nervous about making ends meet. Social Security certainly isn’t going to cover your lifestyle

Read the entire article: 6 Unexpected Sources of Retirement Income | Business | kenoshanews.com

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3 Reasons to Delay Social Security Benefits | Personal Finance | mooresvilletribune.com

Financial Planning, Retirement, Social Security

Social Security benefits become available at age 62, and that’s the most popular age to claim them. But just because it’s possible to get your benefits so early on doesn’t mean it’s a good idea. In fact, many experts recommend waiting a full eight years from the date of eligibility, claiming them at 70 instead.

While it may seem odd to give up getting monthly checks for years, there are actually a few really great reasons why you might want to delay the start of your benefits as long as possible.

Read the entire article: 3 Reasons to Delay Social Security Benefits | Personal Finance | mooresvilletribune.com

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4 Signs You Might Never Retire

Financial Planning, Lifestyle, Retirement, Social Security

Countless Americans look forward to retirement and the flexible lifestyle it tends to offer. Unfortunately, a large number of workers might never get there. In a TD Ameritrade study, 25% of U.S. adults say they don’t think they’ll ever retire. And they’re probably not the only ones. That’s because 1 out of every 3 workers have no money set aside for the future, and that includes 30% of folks 55 and over.

But even those who are saving aren’t doing a good enough job. Baby boomers aged 56 to 61 have a median savings of $17,000, which won’t last very long in retirement. And the fact that many seniors are living longer puts retirement in an even more precarious spot.

Read the entire article: 4 Signs You Might Never Retire @themotleyfool #stocks

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Your retirement planning starts with Social Security

Retirement, Social Security

Right now is the perfect time to start planning for a secure, comfortable retirement. And you can count on Social Security to help you begin the process.

First, we encourage you to set up an online my Social Security account so you can verify your lifetime earnings record and make sure you get credit for all of your contributions to the Social Security system through the Federal Insurance Contributions Act (FICA) payroll taxes. If you haven’t set up your personal my Social Security account yet, you can do so at www.socialsecurity.gov/myaccount.

Read the entire article: Your retirement planning starts with Social Security – Journal Advocate

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6 Retirement Planning Deadlines You Must Know

Financial Planning, Social Security

The most important retirement date is the actual date you get to stop working — but there are other retirement planning dates that are extremely important as well. Keep these deadlines in mind as you plan for your retirement:

Required minimum distributions: You must start taking minimum distributions from 401(k) and traditional IRA accounts when you are 70.5 years old, but you can wait until April 1 of the year after you turn 70.5 to take your first required minimum distribution from your retirement accounts. (Then all subsequent distributions are due by Dec. 31.) Delaying your first required distribution could mean taking two required withdrawals in the same year, potentially increasing your tax burden.

Keep in mind you do not have to take minimum distributions from your Roth IRA.

Stop contributing to a traditional IRA: Once you begin to take required minimum distributions from a traditional IRA at age 70.5 you can no longer contribute to a traditional IRA. But if your spouse is younger and still eligible to make contributions, he or she can contribute to your IRA by making a spousal contribution.

Read the entire article: 6 Retirement Planning Deadlines You Must Know

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How Remarriage Can Mess Up Your Social Security – Forbes

Retirement, Social Security

larry.lightSocial Security has a way of making your life decisions difficult. When divorce and remarriage enter the picture, things get very complicated.

The earliest age you can start claiming Social Security benefits is 62. You can also delay taking benefits to any age. If you wait until your full retirement age, which is 66 for the current crop of baby boomers, you receive a larger benefit. If you can get by without the monthly benefits for a few years longer, delaying further to 70 results in a maximized benefit for you.

Source: How Remarriage Can Mess Up Your Social Security – Forbes

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Social Security Q&A: Will My Spousal Benefit Reduce My Husband’s Retirement Benefit? – Forbes

Social Security

Laurence-Kotlikoff_avatar_1405351517-400x400Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits.

Today’s Social Security question is about the relationship between different Social Security benefits as well as Medicare.

Question: I currently receive benefits under the civil service program with the federal government and don’t have enough paid into Social Security. My husband retired on disability and started on regular Social Security when he turned 66. I will be 65 in a few months, and the Social Security Administration told me I could get Medicare under my husband. Will I have to sign up for Social Security to get

Source: Social Security Q&A: Will My Spousal Benefit Reduce My Husband’s Retirement Benefit? – Forbes

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