If you had to replace your Social Security benefits with another form of income, how much would you need to save up in order to live off of in the future? It’s probably more than you think. The fact is, the income you receive from Social Security may deserve more respect than it currently receives. … Read more
Social Security is a complicated topic, especially when determining tax implications and how best to incorporate your benefits into your retirement plan. Many financial planners rely on data plugged into Social Security software to help their clients choose the best time to file for benefits, but depending only on a software program can mean that … Read more
For many seniors, Social Security makes retirement possible. But while benefits help sustain you, it’s important to have a realistic idea of how far they’ll go and how decisions you make impact the support they offer. It’s difficult to change course after claiming Social Security, so before you retire there are five facts you must … Read more
Seniors can start Social Security retirement benefits upon reaching age 62. But while filing for benefits ASAP is a popular choice, it’s considered claiming early — and it can shrink the amount of your monthly check. See, every American has a full retirement age based on birth year. It’s between 66 and four months and … Read more
For many retirees, the taxable income generated by their Social Security benefits is a shock. Now they are wondering how to reduce taxes on Social Security. Although they were aware that some of their benefits would be taxable, they were not aware of the complexity in determining the percentage that would be taxable. Thankfully, there … Read more
On paper, the Social Security system has a generous payment to beneficiaries of someone who retires, dies, or becomes disabled. But what catches many people by surprise is that there’s a limit to these payments. The Social Security family maximum benefits rule may stop you from getting the full amount you might expect. This article … Read more
It’s rare for me to have a guest article on my site. However, a few weeks ago, I had a meeting that disturbed me. As soon as the meeting was over I contacted Texas Elder Law Attorney John Ross and asked him to write this guide for my readers on how to use Medicaid Long … Read more
A successful retirement doesn’t just happen on its own. It takes careful planning and plenty of self-education. Sure, you may have hired an advisory team to assist you with your retirement plans, but the burden is on you to get it right because no one else will feel the pain and regret of big retirement … Read more
If you are a minister, you have several key tax issues that makes you uniquely different from other taxpayers. These differences include the housing allowance, self-employed treatment for W-2 wage earners and the big one…the ability to opt out of Social Security. All of these tax differences can create a great deal of complexity, and … Read more
NOTE: The Social Security Fairness Act was signed into law on January 5, 2025. As a result, the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) have been repealed. This article reflects information prior to the repeal and may no longer be applicable. Not too long ago, I saw a participant in the Texas … Read more