We all know there are problems looming in both programs so yesterday’s annual press release, or announcement, concerning future shortfalls should come as no surprise. Treasury Secretary Henry Paulson basically stated that Social Security will only be able to pay 78% of benefits by the year 2041. Medicare comes sooner with a payout of 78% […]
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Jan
28
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Posted by cameron
January 28, 2008 | 1 Comment
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Although not yet a “Senior”, like millions of others, I will become one during the next Presidency. There are many important issues but the fate of Medicare and Social Security will likely be managed by the next President. For this reason I pay particular attention to this topic. In previous posts I have mentioned that […]
Despite the fact that most women contribute to the family income and have either 401K programs, pensions and social security benefits or a combination of all three, they often leave the financial decisions to their spouse. Many times a spouse will take action on his pension and, although current law requires spousal permission before […]
In previous posts I have complained that Presidential candidates are not speaking to me about concerns I have for the future of Social Security for my children and me. Today I will say that Barack Obama has become the first. In this past week Senator Obama announced a proposal on tax relief for retirees that […]
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Sep
17
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Posted by cameron
September 17, 2007 | 1 Comment
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This weekend I checked out the Senate Special Committee on Aging. I wanted to know what they are doing about Social Security, with emphasis on security. I’ll bet most people don’t even know it exists let alone what it does or achieves. They have a website where hearings can be watched on web casts. I […]
Did you read your social security benefit statement? I don’t know why I hadn’t noticed this before but there is an interesting little footnote to the benefits notice. I suspect that most people never get past the estimated benefits section. Right at the bottom of that section is a warning in bold letters. It reads, […]
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Aug
27
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Posted by cameron
August 27, 2007 | 1 Comment
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We are all interested in free retirement planning tools and retirement calculators in particular, so I decided to provide a list of the ones I am aware. Having experienced some of the online calculators and those you can pickup on CD I personally decided to create my own spreadsheet but for those planning for the […]
I noticed on my Social Security statement that if I had a disability I could fast-forward to my full retirement age by effectively receiving a disability check that is almost the same amount as my full retirement age check. Not that I want disability but it did make me curious. What constitutes a disability? After […]
So you get your new statement from Social Security and it projected an increase of approximately 3% this year and 4 % last year. You think you are doing well. Think again. You are slowly but surely sliding into the Social Security Tax Trap. The Social Security payment increases each year when the government takes […]
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Mar
18
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Posted by cameron
March 18, 2007 | 1 Comment
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I have pulled together a series of links to important but separate IRS documents because I thought it would be good to have the information in one place.
Traditional IRA
Publication 590 is the core document. The following links drill down inside 590 to the relevant information:
Early withdrawal penalty - applies before age 59 1/2
Minimum withdrawal […]
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