Once Started, Benefits Do Not Increase With Age

Q: I started Social Security retirement at age 66 several years age and have received monthly benefits since. Do my benefits increase because I am now older? A: They do not. People can start Social Security retirement at age 62 or any month up to age 70. Full retirement age (FRA), also called normal retirement age, is…
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Recent Social Security Claiming Changes

Enacted last November, the Bipartisan Budget Act of 2015 (Public Law 114-74) covered many diverse topics including changes to Social Security rules. The legislation closed two Social Security benefit loopholes used primarily by married couples for claiming retirement and spousal benefits. Used by only a small fraction of retirees, these loopholes were referred to as…
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America Saves Week

America Saves Week, February 22-27-2016, reminds us all of the importance of saving and investing for the future. The Social Security Administration is one of many public and private organizations participating in America Saves Week. The “For Savers” section of the America Saves Week website has specific ideas that you might find useful A first step…
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Special Payments After Retirement

Q: I retired in 2015 but will have employment related income in 2016 from work completed before I retired.  Will this lower my 2016 Social Security benefits? A: This question is about the annual earnings test. For people younger than full retirement age (FRA), the Social Security annual earnings test, also called the retirement test, concerns how…
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Income Tax And Social Security Benefits

Many people ask if Social Security benefits are subject to income tax. Some people do pay income tax on part of their Social Security benefits. Some do not. The answer depends on your overall income. Ideally, this topic should be considered as part of your overall financial planning before starting Social Security benefits. For those…
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