Our daily roundup of retirement news your clients may be thinking about.
Don’t let clients fall for these Social Security myths Retirees are urged to understand how Social Security works so as not to fall victim to these common misconceptions about the program, according to this article on Kiplinger. For instance, help clients understand how benefits are determined. They are not necessarily capped at $2,600. Rather, they are based on two variables: their highest earnings over 35 years and their age when they file for benefits. The maximum benefit for someone retiring at full retirement age (66 for people born in 1943 through 1954) in 2016 is $2,639 a month. The maximum benefit normally increases each year, but it can fall, too, as it did in 2016 from the 2015 level, according to the article. Also, Social Security is unlikely to go insolvent within the next two decades, and retirees may pay income taxes on up to 85% of their benefits depending on their taxable income.
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