Is Social Security taxable?

how much will my social security be taxed

Since the rapid spread of the coronavirus around the world, many people are losing jobs and fearing for the economy. The Social Security Administration, though not created specifically to deal with pandemics, is a social safety net to help Americans—especially American workers—through times of crisis. But in order to keep the Social Security benefit funds viable for […]

I was a victim of a Social Security scam

social security scam call

Cyber attacks have been on the rise with the looming uncertainty surrounding the coronavirus pandemic. That means our personal information is now more at-risk than ever. Predatory hackers seek to take advantage of vulnerable groups, including soon-to-be retirees and seniors citizens, by exploiting confusion, uncertainty, and anxiety.  One of our users, who we will call […]

The Future of Social Security

when will social security run out

Back in 2002, the Social Security Administration noted that, unless there was significant reform, the Social Security system would become insolvent by around 2041. In order to make up the shortfall, the government would either need to cut Social Security benefits by more than 25% or increase Social Security payroll taxes to more than 18%. […]

Social Security During Coronavirus: The 5 Things You Need to Know

social security during coronavirus

Coronavirus has affected almost every part of our everyday lives – but one, in particular, is critically important for millions of Americans: Social Security.  The crisis and uncertainty has already impacted the 61 million Americans collecting Social Security benefits today. For example, Social Security offices are closed and scam callers with supposed ‘news about your benefits’ are […]

These are the 37 states that don’t tax Social Security benefits (and the 13 that do)

is social security taxed

Where you choose to live, particularly in retirement, can have a big impact on your bottom line. Some states have higher property taxes than others. Some states tax things like food. Some states have no income tax at all, while others tax income including Social Security benefits. Many Americans mistakenly believe that Social Security is not taxable, so […]

Social Security Checklist

how to apply for Social Security

Social Security can be confusing. But we’re here to help you navigate the path forward.  Our checklist simplifies what you’re owed and how to apply for Social Security retirement benefits. Social Security: Application Checklist #1 Calculate the best age to claim Social Security retirement benefits​ #2 Pick the right date to apply #3 Choose the […]

Ways to Make Money From Home

online jobs hiring right now

The fallout from the coronavirus pandemic has caused many to be laid off or furloughed from jobs, and retirement savings to be decimated. Over the last two weeks, unemployment claims have skyrocketed past previous levels. In fact, a recent SimplyWise survey found that 40% of Americans’ income has been impacted by the virus.  Now, forced […]

“How to get your stimulus check faster” — and other stimulus check scams

stimulus check scams

Last week, the government passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The legislation sets up a $2 trillion stimulus package to help the millions of Americans that have been rocked by the COVID-19 pandemic. According to presidential economic advisor Larry Ludlow, the money is expected to hit bank accounts in just […]

How to Stay Smart with Retirement Savings During Coronavirus

money moves during coronavirus

Navigating retirement planning and Social Security rules can be challenging in the best of times. Trying to think about your 401(k) and your benefits during coronavirus can be downright overwhelming. But you are not alone. A recent poll found that despite the ongoing pandemic, Americans are more concerned about their finances than their health right […]

10 Important Facts About Social Security during Coronavirus

Social Security coronavirus

The Social Security Administration was born out of the national upheaval following the Great Depression. And today, we’re going through a historic pandemic that is similarly rocking our nation and world. Social Security benefits are received by about 64 million people — retired workers, disabled people, and survivors of workers who have died. It provides roughly a third […]

Delaying Social Security Retirement Benefits

should i delay my retirement

If you’re thinking about claiming Social Security benefits early given the current economic climate, you may want to consider your other options before deciding. In fact, there are important factors to weigh as you consider your retirement and when to claim. Your monthly benefit from Social Security can considerably vary depending on what age you choose to start your benefits. […]

Study: Only 1 in 300 Seniors Know These 5 Social Security Rules

failed test

In 2019, 64 million Americans were estimated to have received Social Security benefits, and for more than half of elderly beneficiaries, Social Security represented over 50% of their income. Nonetheless, a recent SimplyWise survey found that less than one in eight Americans aged 60 to 70 considered themselves “very knowledgeable” on the topic.  Worse, only one out of […]

Social Security Benefits for Divorced Spouses

divorced couple

If you’re divorced, you may think you can’t claim Social Security benefits earned by your spouse. In fact, two of the four most common and costly Social Security mistakes made have to do with people misunderstanding rules for divorcees. However, the Social Security Administration has made provisions for people who are divorced but who were […]

What is Supplemental Security Income?

Social security administration

Supplemental Security Income, or SSI as it is commonly known, provides extra financial security for people who are blind, disabled, or over age 65 who lack the resources to cover basic needs. When Social Security was put in place in 1935, that extra measure of security was expected to be provided by the states; but […]

Social Security Application Process

Social Security application

If you’re ready to apply for Social Security benefits, you’ve probably already given some thought to things like when you want your benefits to start or what kind of documents you might need to apply. A lot of that will will of course depend on the type of benefits you’re seeking. Applying for retirement benefits, […]

Social Security Child Benefits

Social Security children

While retired workers make up the bulk of Social Security beneficiaries, the Social Security Administration (SSA) provides important benefits to many other groups, including children. More than 4 million children in the United States receive Social Security benefits every year. In fact, the SSA pays more benefits to children than any other government program. The […]

Guide to Social Security Death Benefits

death benefits

Nearly every American worker depends on Social Security (SS) for some or all of their income in retirement. In fact, more than 48 million Americans currently receive Social Security retirement benefits. But the Social Security Administration (SSA) also provides both a one-time death benefit as well as ongoing monthly survivors benefits (also known as ‘widows […]