Brainstorming and different paths to achieve a creative idea concept. getty The past few years have stressed the way we look at and even define retirement. With the rise of the gig economy, COVID-19 shutdowns and higher-than-average inflation and market volatility in 2022, many people are questioning the status of their retirement plans. These current…
IRMAA can turn selling your house into a costly surprise. getty Many long-retired beneficiaries are stunned when they get a notice from Social Security in November informing them that they will be subject to IRMAA (Income-related Monthly Adjustment Amount). They will have to pay more for Part B, medical insurance, and Part D, prescription drug…
Ask Larry Economic Security Planning, Inc. Today’s Social Security column addresses questions about how deductions due to the earnings test can affect future benefit rates, whether to take spousal benefits at 62 and whether high earners should wait until 70. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president…
SANTA BARBARA, CA – JUNE 12: The Santa Barbara County Detention and Correctional Facility, one of … [+] two jails where singer Michael Jackson could be sent if the deliberating jury declares him guilty in his child molestation trial, is seen on June 12, 2005 in Santa Barbara, California. Jackson is charged in a 10-count…
PITTSBURGH, PA – NOVEMBER 09: Democratic Senate candidate John Fetterman speaks to supporters during … [+] an election night party. Fetterman defeated Republican Mehmet Oz. (Photo by Jeff Swensen/Getty Images) Getty Images What will last Tuesday’s election mean for older adults and their families? The slim Democratic majority in the Senate combined with what is…
A pair of scissors about to cut a blank Social Security card that sits on a desk top. This image … [+] conveys the concept of Social Security cuts. getty I find it remarkable that Social Security is not the front and center issue in the midterm elections. Key Republicans say they will cut Social…
The earlier you start retirement planning, the better chance you have of retiring the way you want. That’s true whether you are 25 years old or 50. So the best time to kick off a retirement plan is always right away — because yesterday isn’t an option. There are many questions as you work through…
Turner worker working on drill bit in a workshop Getty The White House says the United States is not currently in a recession. Low unemployment numbers like those in Friday’s jobs report show a strong economy — 261,000 positions were added in October, tens of thousands more than expected. Expectations were high after Tuesday’s Job…
It’s abundantly clear that neither party has a good plan to secure Social Security and Medicare for … [+] current and future beneficiaries. getty The future of Social Security and Medicare has unexpectedly become a central point of contention in the final week before the 2022 midterm elections. As the two biggest non-emergency spending programs…
Ask Larry Economic Security Planning, Inc. Today’s Social Security column addresses questions about who can get new COLAs, how soon spouses can apply for spousal benefits and how filing early can affect spousal and survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,…