It’s an open secret in the financial planning industry that 401(k) plans and IRAs negatively impact Social Security income. Basically, 1/2 of your SS benefits are added to the rest of your retirement plan income and the Social Security income is taxed at ordinary income tax rates. The exact percentage of Social Security that is […]
Social insecurity
New data from the Social Security Administration shows that the government won’t be able to pay promised benefits after 2035. The new report reads, in part: “The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, the same as projected last year, […]
Should you rely on Social Security?
The guy who runs the morning shift at our gym is a great guy but has some health problems. So when he didn’t show up this morning, we were a little worried about what happened to him. Fortunately he was just at the DMV. He was at the DMV at 7:30 am and didn’t make […]