Social Security Benefits for Widows & Widowers

What happens to Social Security benefits when a spouse dies? Let’s use an example of Bill and Ann Jones. Bill and Ann are both receiving Social Security benefits when Bill dies suddenly of a heart attack. Ann can keep her own Social Security benefit payment or she can claim a survivor benefit based on the Read more about Social Security Benefits for Widows & Widowers[…]

Social Security Benefits

Nearing retirement age?  Not sure when to start receiving your social security?  These are common questions among Americans in their 60s.  Unfortunately, due to insufficient savings, in 2014 Social Security provided 100% of the retirement income for 15% of individuals 65 and over.  It’s important to understand how Social Security works and your options under Read more about Social Security Benefits[…]

Social Security Wage Base

The Social Security Administration has projected an increase in the Social Security wage base for 2014.  The wage base is the amount up to which employees and employers are required to withhold 6.2% for Old Age, Survivors and Disability Insurance (OASDI).  The wage base is expected to increase from $113,700 in 2013 to $115,500 in Read more about Social Security Wage Base[…]

Q & A: Social Security Benefits

Will the earnings of my spouse reduce my social security benefits? When you receive Social Security benefits based on your own work record, earnings of your spouse will not reduce your benefits. For example if you start your own Social Security retirement before your spouse, his or her ongoing earnings will not reduce your Social Read more about Q & A: Social Security Benefits[…]

IRA Contribution Limits Increased

The IRS announced on October 18, 2012 cost of living adjustments applicable to dollar limitations for IRAs and other retirement plans.  For 2013, the IRA contribution limit is $5,500, up from the 2012 limit of $5,000.  The catch up contribution remains at $1,000 for taxpayers age 50 and over.  The IRA deduction phaseout begins at Read more about IRA Contribution Limits Increased[…]