Category Social Security
Sure, you get a periodic statement from the SSA indicating what your benefit will be if you continue working to 62, to your full retirement age (might be as high as 67) or to 70. And they tell you those benefits in today’s dollars.
But how did they come up with those numbers?
Social Security. Perhaps the most successful government program ever, Social Security was put in place as a form of “social insurance” in order to protect against people who’d worked their entire lives ending up in poverty in their old age. Before diving into various details about benefits, there are a few things to clear up […]
By law certain retirement plan limits get adjusted every year, not exactly tracking inflation (i.e., not by the CPI) but rather in “chunks” which approximate it. For 2015, the following limits have been announced: IRA Contributions (combined limit across Roth and Traditional): $5,500IRA Catch-Up Contributions (for folks over 50): $1000[Both unchanged from 2014 and, actually, […]
Delaying the start of Social Security – potentially a fantastic deal [Note, this post is from our On The Spot newsletter. We publish it infrequently and strive to always include helpful, informative articles such as this one. Sign up here: http://www.meyersmoney.com/resources/special-reports/ and we’ll also send you a copy of our most recent “10 Things” special […]