Tag: retirement
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Rules to Retire By
Educate yourself for a job that pays a decent income. Morgan Housel points out that “a job you merely like that pays a decent income can eventually offer a level of financial flexibility that lets you pursue passions.” Save 10 to 15% of your income for retirement. Live below your means. Andrew Tobias says there is someone making 10% less…
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Investing for Retirement
and the Time Value of Money My Portfolio I spent more than half my working life saving in whatever guaranteed pension plan my employer offered, but a change to a 401(k) plan finally forced me into making my own investment decisions. After a lot of reading and some false starts, I retired with these assets:…
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Social Security Retirement Application
First monthly Social Security check recipient Ida May Fuller, January 31, 1940 The online form in 2020 Overview You can apply online for Retirement and Spouse benefits, but spouses who have already applied or are currently receiving benefits on their own earnings cannot apply online. You should already have a my Social Security account. Social Security recommends the…
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Social Security Retirement
Old-Age and Survivors Insurance for retired workers The Social Security Administration manages three programs under the Social Security Act: This article covers only Retirement. Financial Outlook The Old-Age, Survivors and Disability Insurance (OASDI) trust fund is predicted in the 2019 Trustees Report to run out in 2034, but this hasn’t changed since 2016. In 2017 there were…
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Taxes in Retirement ⚖
Goodbye Withholding, Hello Estimated Taxes Home Sales 🏠 The details are in IRS Publication 523, Selling Your Home. The summary is that there are exclusions from capital gains of up to $250,000 for single or $500,000 for joint returns for your primary residence. In general, there are three qualifying tests: There are other exceptions that may…