Feb 03, 4:04 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Maurie Backman 02/03/19 AT 3:53 PM Social Security often serves as a major income source for both male and female retirees. But those in the latter camp need to be even more strategic about those benefits. Here are three reasons why.1. Women Tend To Live Longer Than MenThe average 65-year-old man today can expect to live until age 84.3, says the Social Security Administration, while the average 65-year-old woman can expect to live until 86.7. That may not seem like such a large gap, but consider this: It's estimated that 90% of women will eventually be responsible for their own finances down the line, in the absence of their long-term partners. As such, it's especially critical that women maximize their Social Security benefits -- because they're likely to collect them for longer.2. Women Typically Earn Less Than MenYou'll often hear that women's earnings … [Read more...] about 3 Reasons Women Need To Plan Carefully For Social Security
By Brittany De Lea Published January 31, 2019 Retirement FOXBusiness Facebook Twitter Comments Print video House Democrats introduce bill to expand Social Security “Bulls & Bears” panel on how more than 200 House Democrats introduced legislation that would expand Social Security benefits. While talk regarding Social Security throughout recent years has centered on cutting benefits to help address a looming solvency challenge, Democrats in Congress introduced a bill this week that aims to expand them. Continue Reading Below Called the Social Security 2100 Act, the bill would provide a 2 percent increase in the average benefit for all recipients, reform the cost-of-living adjustment formula, increase the minimum benefit to 25 percent above the poverty line and reduce income taxes on benefits. Sponsors estimate 12 million Social Security recipients would see a tax cut under the last provision, which aims to raise the non-Social … [Read more...] about Social Security expansion push gaining steam among Democrats
By Chris Heerlein Published January 29, 2019 Opinion FOXBusiness Facebook Twitter Comments Print video The five states where $1M in retirement savings will last the longest FBN's Susan Li on the best and worst states to live off of $1 million in retirement savings. You’ve heard and read it many times. Continue Reading Below If at all possible, put off claiming Social Security until your full retirement age so you can reap that full benefit amount. Even better, wait until you’re 70 because your benefit can grow an extra 8 percent for every year you put off the day you begin drawing those checks. And, unless there are dire circumstances, absolutely don’t take Social Security when you are 62 because when you claim it at that earliest-allowed age you’ll receive a much smaller check. Great advice. Except when it’s not. MORE FROM FOXBUSINESS.COM... WHAT WOMEN CANNOT IGNORE ABOUT RETIREMENT 3 SMART … [Read more...] about When taking Social Security at 62 could be wise
Jan 20, 7:55 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Dan Caplinger 01/20/19 AT 7:30 PM Tax season is about to start, and many taxpayers hope that new tax reform laws will help them pay less in tax this year than in the past. In particular, retirees who rely on Social Security to supplement their savings and provide them with a regular source of income are looking forward to any break they can get from the IRS.However, one thing that Social Security recipients need to understand as they prepare their returns for the 2018 tax year is that they may have to include some of their benefits as income on their tax returns. Even though the laws governing taxation of Social Security benefits have been on the books for decades, that fact comes as a shock to retirees each and every year, and the structure of the tax seems to snare more and more people every year.Who has to include Social Security on their tax … [Read more...] about Do I Have To Put Social Security On My Tax Return?
John Raby, Associated Press Updated 6:57 pm PST, Wednesday, January 9, 2019 Georgia Governor-elect Brian Kemp, middle, poses for photos with supporters during a stop in Augusta, Ga., as part of what he calls his "thank-you tour" Wednesday Jan. 9, 2019. Kemp says he plans to focus his first year in office on helping small businesses, cutting taxes and cracking down on violent gangs. (Michael Holahan/The Augusta Chronicle via AP) less Georgia Governor-elect Brian Kemp, middle, poses for photos with supporters during a stop in Augusta, Ga., as part of what he calls his "thank-you tour" Wednesday Jan. 9, 2019. Kemp says he plans to focus his ... more Photo: MICHAEL HOLAHAN, AP Photo: MICHAEL HOLAHAN, AP Image 1 of / 4 Caption Close Image 1 of 4 Georgia Governor-elect Brian … [Read more...] about West Virginia gov proposes cutting Social Security tax