Participants Want Social Security Advice
A Nationwide report found that more participants would switch their financial planner if he didn’t provide education on Social Security benefits.
Tag: Social Security
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Many Near-Retirees Don’t Understand Social Security Benefits
More than one-third failed a basic Social Security quiz administered by MassMutual.
The Top Earners Will Pay 11% in Taxes in Retirement
But taxes are negligible for the lowest four quintiles, according to the Center for Retirement Research at Boston College.
What Biden’s Win Means for Retirement Plans
Experts say the president-elect could start the process of shoring up Social Security and embrace ESG investing.
Americans Are Worried About Inflation in Retirement, But Few Are Taking Action to Prepare
Experts say there are things pre-retirees and retirees can do to prepare for a retirement that could last 20 to 30 years.
Trump and Biden Differ on Social Security, 401(k) and Tax Policies
What both candidates have proposed as it relates to the retirement industry.
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Never Too Late
Strategies to help clients who are behind on saving ‘retrieve’ lost time.
Social Security Benefits, Taxable Wages Will Increase in 2021
Social Security recipients will see a 1.3% cost-of-living adjustment, and the maximum amount of earnings subject to the Social Security tax will increase by $5,100.
Workers Need Help on Retirement Income
They expect 44% of their retirement income will come from their 401(k), according to Charles Schwab, and half said they would benefit from financial advice.
Guidance on Payroll Tax Deferral Tells When It Must Be Repaid
Notice 2020-65 from the IRS also defines the ‘applicable wages’ per pay period that qualify for the deferral.
Trump’s Payroll Tax Deferral Raises Concerns on Social Security
The Treasury Department has yet to deliver formal guidance on the deferment.
Unemployed Older Workers at Risk of Involuntary Retirement
Retirement Equity Lab says if these exits continue, they will increase old-age poverty and worsen the recession.
Working Generations Are Uncertain about Social Security
However, Millennials and Gen Xers are open to working with financial advisers to learn more and maximize benefits.
Biden’s Plan to Shore Up Americans’ Retirement Builds on Status Quo
It proposes reinforcing Social Security and Medicare as key steps to providing greater retirement security to older Americans.
Some Older Workers Feel Inclined to Take Early Social Security
Since this resource is viewed as a lifetime guaranteed income source, some older workers scrambling for relief are considering it their only solution.
Social Security Reports Comparable Projections from 2019
However, the estimates do not reflect the potential outcomes due to the COVID-19 pandemic, says the Social Security Board of Trustees.
Social Security Needs YOU
Advisers are asked to advocate for the program’s reform.
The Obligation to Save Social Security
With the recent passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, advisers and other retirement plan service providers have an opportunity to build on their successful lobbying effort.
The Positive Impact of Claiming Social Security Later
The Center for Retirement Research says the reduction for claiming early is currently too large while the increase for claiming late is about right.
Social Security Benefits to Rise 1.6% in 2020
Social Security is a big part of retirement income planning for employees.