Planning for Long-Term Care Expenses
Long-term care (LTC) is a reality many people face as they age, yet few adequately prepare for its financial implications. While it isn’t always a pleasant situation to think about and can bring up a lot of emotions. Planning for LTC expenses is crucial to making sure you or your loved ones receive the necessary […]
The Best Strategy for Claiming Social Security Benefits
When people make retirement plans, they almost always count on claiming Social Security benefits. Social Security is a US federal insurance program that gives eligible people a monthly income. In 2024, approximately 68 million Americans received a Social Security benefit for a total annual spending of $1.5 billion. If you plan to retire in the […]
Social Security and Taxes: What You Need to Know
Social Security is a hot topic and staple of retirement planning in the United States, providing financial support to retirees, disabled individuals, and survivors of deceased workers. However, understanding how Social Security benefits interact with taxes can be complex. This review aims to demystify the relationship between Social Security and taxes, offering essential insights for […]
Social Security for Self-Employed Individuals: Planning and Contributions
When most people open a retirement account, retirement planning can seem overwhelming and distant. However, self-employed individuals face unique challenges compared to those who work as company employees. Unlike traditional employees, the self-employed must take full responsibility for their own Social Security contributions and tax payments. Understanding how Social Security works for the self-employed is […]
Social Security for Couples: Strategies for Maximizing Benefits
It’s common to view your social security from an individual perspective. After all, it’s the money you’ve worked hard to qualify for. But, if you’re in a loving relationship and have a partner who also qualifies for social security, it’s important to strategize how to maximize your two plans. Taking the right steps can ensure […]
7 Common Social Security Myths Debunked
Social Security remains a cornerstone of retirement planning for millions of Americans, yet it is also subject to widespread misunderstandings and myths. These misconceptions can lead to poor planning and anxiety about the future. Here, we aim to debunk some of the most common Social Security myths, providing clarity and reassurance to those looking toward […]
The Role of Healthcare in Retirement: Understanding Medicare and Medicaid
Navigating the healthcare landscape in retirement is crucial to planning for a comfortable and secure future. As individuals approach retirement, understanding the intricacies of Medicare and Medicaid becomes essential. These two programs play pivotal roles in providing health coverage to retirees and those with specific disabilities, yet they differ significantly in eligibility, benefits, and funding. […]
When to Claim Social Security: Timing Is Everything
Deciding when is the best time to claim your Social Security benefits officially is one of the biggest financial decisions many will make in their lifetimes. With the future of your retirement at stake, timing is indeed everything and should be taken seriously. We’ll explore the intricacies of Social Security and offer guidance to help […]
Who Is Entitled to Social Security Death Benefits?
As of December 2022, nearly 49 million Americans were receiving Social Security retirement benefits. You earn these benefits by working and paying Social Security taxes, so the amount you receive when you retire depends on your income while you were still employed. For 2022, the average monthly benefit was $1,825, but you may earn more […]
The History Behind Social Security Disability
Depending on what type of disability a person has, they may have trouble standing for long periods of time, lifting heavy objects or performing complex tasks. Some people with disabilities also have frequent medical appointments for physical therapy, medication infusions and other treatments. Unfortunately, these circumstances often make it difficult to find and keep a […]
