Tag: Social Security

New year is good time to review basic rules surrounding Forms 1099-MISC and W-9

For most businesses, January means the annual completion of Forms 1099-MISC, which makes this a good time to review the basics surrounding this standard reporting procedure.  In general, amounts paid in the course of your trade or business to a...

Stimulus checks are coming, including for those who don’t typically need to file tax returns

The recently-passed CARES Act gives the IRS authority to automatically send the Economic Impact Payment to Americans who qualify at certain income thresholds.  Most will be evaluated as meeting the income criteria* as evidenced by their 2018 or 2019 income...

2019 Social Security benefits increase; 2.8% COLA increase

Each year, the Social Security Administration announce the annual cost-of-living adjustment (COLA). Usually, there is an increase in the Social Security and Supplemental Security Income (SSI) benefit amount people receive each month, starting the following January. Law requires that federal...

Getting retirement benefits abroad: What you need to know

If you plan on retiring overseas, it may still be possible to receive your retirement benefits while living abroad. Here's what the Social Security website advises: If you’ve worked in both the United States and another country, it may be possible...

Social security “file and suspend” changes

Up until a few weeks ago, if a married couple had one spouse at full retirement age (66 or older), the “file and suspend” strategy allowed the other spouse and/or a dependent to enjoy short-and long­-term benefits. But after April...

‘File and Suspend’ strategy to maximize social security may disappear

“File and suspend” is an advanced claiming strategy that has helped retirement savers at all income levels, especially women, maximize their social security benefits. Under the “file and suspend” strategy, one spouse files for Social Security benefits and then immediately suspends those...

Spousal Social Security Benefits

At full retirement age, which is now 66, your spouse can receive the greater of the spouse’s benefit or 50% of your benefit. This presumes that both of you are at least age 66. This is good for spouses that...

Social Security to resume benefits statement mailings

If you missed opening the mailbox to see your future estimated payments from the SSA, take heart--the paper statements, a victim of budget cuts several years ago, are reappearing soon! Starting this September, the Social Security Administration (SSA) will resume...

Social Security Benefits: Key Considerations before You Make a Decision

As more Americans remain healthy well into their 80's or byond, the picture of retirement for those lucky folks could be changing.  Often, they have the capacity and interest (or need) to continue some form of work as a senior citizen. ...