You’ve decided that you’re going to apply for Social Security retirement benefits, but how does that process work and when do you need to apply? … [Read more...]

Perhaps you’ve heard that millions of Americans have created online accounts with the Social Security Administration called my Social Security accounts. But why do these accounts matter and what can they do for you? Creating a my Social Security account is an important part of planning for your retirement. Your my Social Security account is the only place where you can see personalized estimates of your future benefits based on your actual earnings. The SSA uses your highest 35 years of earnings … [Read more...]

The Bipartisan Balanced Budget Act of 2015 introduced substantial changes to Social Security law. Specifically, the new law has limited Social Security claiming strategies that would have resulted in more retirement income for you and your spouse. Time is running out to use these strategies that maximize Social Security. Two popular Social Security claiming strategies that provide more Social Security dollars are the “Claim and Suspend” and “Claim Now, Claim More Later” options.  Unfortunately, … [Read more...]

A common question that I receive is based upon the taxation of Social Security benefits. Are Social Security benefits taxed and,  if so,  how do I know how much of my benefits will be taxed? The answer is that Social Security benefits ARE taxed. Let's look at the answer in more detail... … [Read more...]

In a recent Social Security workshop I received an interesting question that comes up frequently. The workshop participant wanted to know whether CalPERS members are subject to the Windfall Elimination and Government Pension Offset provisions. … [Read more...]