Your primary insurance amount (PIA) is the amount of your monthly retirement benefit, if you file for it at your full retirement age. If you are younger than full retirement age, your Social Security statement will include an estimate of your PIA (more details here). You can also call the...
Specifically, if you file as early as possible (age 60), then your benefit as a survivor will be 71.5% of what it would have been if you waited until your survivor FRA. From there, your survivor benefit increases proportionately until you reach your survivor FRA. For example, if you file...
There are some (mostly young) skeptics, but Social Security should remain a major pillar of your future retirement income. For over 60% of current retirees aged 65+,Social Security makes up the majority of their income.Therefore, it may be worth spending some extra time figuring out how it ...
If MAGI is less than the 'Base Amount' for your filing status, none of your Social Security benefit is included in your income. If MAGI is greater than the 'Base Amount' for your filing status, The Taxable Social Security benefit added to your Total Income is the sum of the following ...
Whether early retirement is a goal or an unforeseen challenge, taking steps now can help put you in the best financial position for any uncertainties down the road. Here's how you can strategically prepare your financial plan if you're curious about early retirement. ...
Calculate modified total adjustments (MTA): Total adjustments minus any amounts for student loan interest deduction. Calculate modified adjusted gross income (MAGI): MTI- MTA If MAGI is less than the 'Base Amount' for your filing status, none of your Social Security benefit is included in you...
You also pay at a higher rate than a traditionally-employed person, because you have no employer to pay part of the taxes for you. How is the self-employment tax calculated? Self-employment income is the total income subject to self-employment taxes. This is calculated by taking your total...
re receiving Social Security retirement benefits, disability benefits, spousal benefits, or survivor benefits as a widow or widower. It doesn’t matter whether you’re receiving your full Social Security benefits or you’re getting it reduced because you claimed early or you’re getting the ...
Thinking of chucking it all and retiring early, long before you start getting a pension or Social Security, and before you have ready access to your 401k and IRA? The big question: "With what you have today, and what it costs you to live, can you retire and maintain the same lifestyle...
Discover resources for simplifying retirement planning, from building savings to managing income streams. These MoneyGeek guides offer practical strategies and specialized plans for every retirement stage. Financial Planning Basics of a Roth IRA