Before you retire, try to make a reasonable estimate of how much money you and your family will need to live comfortably during retirement. Then, add up all your likely income sources and compare the two. If your income won't be adequate to cover your expenses, you'll need to make some...
Suppose that you owe the federal government back taxes. You’re going to have to hand over 15% of your Social Security benefits.5Funds in a 401(K) or an IRA are also vulnerable.6 If you owe alimony or child support, the federal government can get involved in that too: You may ...
“I’m of the thought that Social Security should be considered a bonus,” Zigmont says. Regardless of how you approach Social Security, keep in mind that it was never intended to be your sole source of income in retirement. All workers – both full time and part time – shou...
The benefit reduction due to earned income is temporary; once you reach FRA, your benefits are recalculated. A pressing question: Can I work and still get Social Security? Although the vast majority of adults over age 65 don’t work, according to a study by the Pew Research Center, 19%...
To understand how much of your income Social Security might replace, considerhow the benefits get calculated. First, you'll need to have worked at least 10 years to qualify at all. The SSA will then look at the 35 years during which you had your highest earnings and apply...
It was either very late New Year's Day or very early on the second day of 1969 depending on how you looked at it but either way, it was a full week past her due date when my mom woke up knowing it was time to wake my dad up. get dressed, pack up the car and head to the ...
Good things come to those who wait: Just as drawing benefits early comes at a price, delaying your Social Security check has its benefits. Pushing your retirement beyond your FRA can make you eligible for an additional credit of up to 8% per year, up to three years, depending on your bi...
Anderson Cooper: And they admit there's no evidence you're at fault, but they're still coming after you for it. Roy Farmer: Yes, sir. Anderson Cooper: People at Social Security have told us-- "Look this is a law. This has to be changed through Congress. Our ti-- our...
" he noted. "This is a big deal. You have to take this seriously, and you have to do your homework."Kotlikoff, who has publishedacademic researchabout Social Security and is the co-author of the best-selling "Get What's Yours: The Secrets to Maxing Out Your Social Security," said ...
Once your spouse has reached the minimum age, they can start claiming 70% of your Social Security benefit. If they wait until retirement age, they can claim the full payment. Get the Answers You Need for Your Expat Taxes We hope this guide has helped you understand how a foreign spouse ...