The envelopes have begun to arrive, so open them!
When you employ someone to work in your home, such as a nanny or a housekeeper, you are required to pay Social Security and Medicare taxes on their wages.
To receive Social Security benefits you must work and pay taxes into the system.
I don’t think so, but there is trouble brewing and it makes great headlines!
Social Security benefits are not just for folks with an AARP membership card.
According to the latest data I found, 63 million Americans are receiving Social Security benefits.
Congress and the IRS decided that you cannot leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin mandatory withdrawals.
Current thinking has 65 as the normal retirement age and that’s because at one time a worker could collect full Social Security benefits at age 65. No more.
At 59½ you can finally get at those dollars you have been stashing away for years in your retirement plans without paying a 10% penalty.
Age 55 seems to be a magical number…but very few individuals can realize an early retirement.