Social Security and Household Workers

By Vonda Van Til, Social Security Public Affairs Specialist Do you plan to pay a cleaning person, cook, gardener, babysitter, or other household worker at least $2,200 in 2020?  This amount includes any cash you pay for your household employee’s transportation, meals, and housing.  If you will pay at least $2,200 to one person, you have some additional financial responsibilities. When you pay at least … Continue reading Social Security and Household Workers

Social Security and Women’s History Month

By Vonda Vantil, Social Security Public Affairs Specialist In March, our nation celebrates Women’s History Month.  Today, more women work, pay Social Security taxes, and earn credit toward monthly retirement income than at any other time in our nation’s history. Social Security has served a vital role in the lives of women for over 80 years.  With longer life expectancies than men, women tend to … Continue reading Social Security and Women’s History Month

(Mid-America Pension Rights Project): The Only Insurance Policies You Need After Retirement

Via U.S. News By Maryalene LaPonsie RETIREMENT IS WHEN everything changes. Seniors may end up with new schedules, new hobbies and even new homes. In the midst of all these exciting changes, don’t overlook the mundane: your insurance coverage. With a new season of life at hand, old policies may no longer meet your needs. However, seniors should be cautious about canceling their policies. You need … Continue reading (Mid-America Pension Rights Project): The Only Insurance Policies You Need After Retirement

(Mid-America Pension Rights Project): Social Security and survivor benefits

Via InvestmentNews By Mary Beth Franklin Widows and widowers have more flexibility than other Social Security beneficiaries when it comes to claiming strategies because retirement benefits and survivor benefits represent two different pots of money. A surviving spouse or an eligible surviving divorced spouse can choose one type of benefit first and switch to the other benefit later if it results in a larger monthly … Continue reading (Mid-America Pension Rights Project): Social Security and survivor benefits

(Mid-America Pension Rights Project): Can I Have a 401(k) and an IRA?

Via nerdwallet By Andrea Coombes Short answer: Yes, you can contribute to both a 401(k) and an IRA, but if your income exceeds the IRS limits, you might lose out on one of the tax benefits of the traditional IRA. How it works: One of the benefits of a traditional IRA is that you can get a tax deduction for your contributions each year. If … Continue reading (Mid-America Pension Rights Project): Can I Have a 401(k) and an IRA?

Addressing Transportation Needs for Older Adults and Individuals with Disabilities

By Grace DeRose-Wilson, Screening Integration Coordinator at Elder Law of Michigan About 90% of adults 65 and older want to age in-place according to AARP. There are many reasons older adults don’t want to leave their homes and communities as they age. Maybe they have friends and family in the area, or maybe they are attached to the land where they live. Whatever the reason, individuals who … Continue reading Addressing Transportation Needs for Older Adults and Individuals with Disabilities

Why You Should Shop at Farmers Markets

By Nicholas Goodman, MiCAFE Network Specialist at Elder Law of Michigan What do cherries, pickles, and beans have in common? They are just a few of over 300 commodities produced in Michigan according to the Michigan Department of Agriculture and Rural Development. Michigan has a rich agricultural past and present. You can take advantage of local bounties at farmers markets throughout the state. The Michigan Farmers … Continue reading Why You Should Shop at Farmers Markets

A question mark drawn in white chalk on a blackboard.

Social Security Q&A Part 23

By Vonda VanTil, Social Security Public Affairs Specialist Question: How much will I receive if I qualify for Supplemental Security Income (SSI) benefits? Answer: The amount of your SSI benefit depends on where you live and how much income you have. The maximum SSI payment varies nationwide. For 2020, the maximum federal SSI payment for an eligible individual is $783 a month and $1,175 a … Continue reading Social Security Q&A Part 23

(Mid-America Pension Rights Project): Stop ‘Dollar-Cost Ravaging’ Your Portfolio in Retirement

Via Kiplinger By Jason Lambert It’s been more than seven years since Wade Pfau, one of the top experts in retirement research, wrote a column for MarketWatch urging readers to “Say Goodbye to the 4% Rule.” In it, Pfau suggests that the “rule” — which is more of a theory, really — made too many assumptions based on old numbers that didn’t necessarily translate to … Continue reading (Mid-America Pension Rights Project): Stop ‘Dollar-Cost Ravaging’ Your Portfolio in Retirement

(Mid-America Pension Rights Project): The (Partial) Death Of The Stretch IRA: How The SECURE Act Impacts Inherited Retirement Accounts

Via Kitces By Jeffrey Levine In December 2019, the retirement planning community was rocked when the Setting Up Every Community for Retirement Enhancement (SECURE) Act, which seemed destined to remain stuck in Washington gridlock indefinitely, was whisked back to life and attached to a year-end appropriations package that ‘had’ to be passed to keep the Federal government funded. Within a matter of days, the bill passed the … Continue reading (Mid-America Pension Rights Project): The (Partial) Death Of The Stretch IRA: How The SECURE Act Impacts Inherited Retirement Accounts