Today’s column addresses questions about whether it’s always possible to delay spousal benefits after taking retirement benefits, whether benefits can be suspended after they convert from SSDI to retirement at full retirement age and effects of lump sum non-covered pensions payments. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and
Retirement
According to the most recent report, from 2020, the Medicare HI (Hospital Insurance, or Part A) Trust Fund is projected to be emptied in the year 2026. That’s well before the Social Security Trust Fund’s projected insolvency in 2034, and when that happens, Medicare will only be able to pay 90% of Part A benefits,
Introduction President Biden released his administration’s proposed budget for fiscal year 2022. While spending focuses on infrastructure, clean energy, etc., it includes a host of proposed tax changes affecting individuals and corporations. Some of the significant tax changes that many taxpayers hoped wouldn’t happen, like Senator Van Hollen’s taxation on transfers and death, are included.
The pandemic has caused many people to assess their priorities, and if you are considering retiring earlier than originally planned, you aren’t alone. Whether your job has changed due to COVID and is no longer as appealing or you’d simply like more time to spend with family, leaving the workplace before age 65 may suddenly
Wouldn’t it be nice if there was a scientific age of retirement? We could just announce how many years people should work before they get decent pensions. Unionized workers and their employers kind of do that. “Thirty and out” is the deal for unionized coal miners in the United Mine Workers Union. You get a
I’m not a couples therapist, but I am one of many financial advisors who’ve heard, “This has been better for us than couples counseling,” after a productive financial advisory meeting. With more than half of marriages ending in divorce, and with disagreements over money listed as the leading cause, it’s no wonder that if you
Today’s column addresses questions about potential effects of having filed early, making sure your benefits are actually suspended even if a representative mistakenly says you can’t suspend them and potentially available benefits on an ex’s record. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,
What you’ve done in the past isn’t enough for the future. That which has differentiated you enough to become successful thus far in your career likely isn’t sufficient to set you apart and perpetuate your success going forward. At one point, pushing product for a recognizable company gave you an edge. Then, being an asset
As Americans get older we can count on two things: more Americans will be cognitively impaired and losses to financial fraud will increase. According to a new Federal Trade Commission report, the average loss due to financial fraud to people over 80 is the highest of any loss due to financial fraud of any other
If you received a Paycheck Protection Program (PPP) loan, but did not deduct payroll expenses on your 2020 tax return, this is what you need to know. First, the IRS completely changed its guidance on deductibility of 2020 expenses due to the enactment of legislation in late 2020 (see “Current Law,” below). Second, taxpayers who