Tag Archives: social security

Social Security Benefit Basics

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?

How are Social Security benefits computed, and what are WEP and GPO?

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 […]

2015 IRA, 401(k) and other retirement plan contribution limits announced

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, […]

A Few Points about Delaying Social Security, and about Spousal and Ex-Spouse Benefits

This started out as “A Few QUICK Points…” but unfortunately, Social Security is just too complex for almost anything to be “quick” about it. [For the sake of simplicity, we will assume for the rest of this article that “full retirement age” is 66 — which is actually the case for folks born between 1943 […]

Delaying Social Security – if you can afford to – is a great deal

I’ve written about this many times, the most recent time here: <https://meyersmoney.wordpress.com/2012/11/29/delaying-the-start-of-social-security/&gt; Wade Pfau, however, one of the foremost experts on retirement and getting one’s investments to last through retirement – has written a great column in Forbes about the issue:  <http://www.forbes.com/sites/wadepfau/2014/04/01/delaying-social-security-what-an-investment/?ss=personalfinance&gt; I couldn’t have said it better myself.  

NYTimes Opinion: Our Ridiculous Approach To Retirement

Worth reading.  Prof. GHILARDUCCI has been saying for years that the 401(k) system has failed and her arguments are sound.  While abolishing them may not be the answer, her recommendation for mandatory contributions to retirement accounts may be part of a much better answer.  People simply aren’t saving enough through 401(k)s and incremental changes – like […]