Money News You Can Use.
We believe that knowledge is power, and that’s why we created ‘Money News You Can Use’. I pick the five best articles I read each month and post them here so you can stay informed of the latest financial news and arm yourself with knowledge when preparing for retirement. I know most people don’t have time to sift through hundreds of articles to find the most relevant and helpful ones, which is why I do it for you!
This month, we will focus on important Social Security information. Every retiree needs to have a Social Security maximization plan, and this starts with learning the ins and outs of the program. Know how benefits can be taxed and reduced, and the financial state of the program.
– Happy Reading
Zinnia Wealth Management Founder
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MONEY NEWS YOU CAN USE : Important social security information
Will You Work While Receiving Social Security Benefits?
If you earn income while receiving Social Security benefits, you may lose part of your benefit. This depends on how much you earn and how old you are.
Will Social Security Survive?
Although the program’s trust fund will be depleted soon, that doesn’t mean the program will go away. There are a few possible solutions to the problems at hand.
How Are Social Security Benefits Taxed?
Up to 85% of your Social Security benefit could be taxed – know the Social Security income thresholds.
There may be no Cost of Living Adjustment Increase for 2021
In 2019 and 2020, Social Security recipients saw a benefit increase in the form of Cost of Living Adjustments (COLA). But, because of low inflation this year, there could be no COLA increase in 2021.
The Financial State of Social Security
The recent Social Security Trustees Report estimates that the trust fund will be depleted by 2035. Read how much payroll taxes can cover and how much the deficit may be in the coming decade.
Zinnia Wealth Management is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.