Sunrises, Sunsets, and Rainbows

  Financial Planning: Working While Collecting Social Security If you're earning income from a job while collecting Social Security, your earnings will face the retirement earnings test, constraining your job income. This measure restricts your potential earnings while ensuring continued Social Security benefits. Understanding these regulations is crucial for financial planning. What You Need to Know: Collecting Social Security When Under Full Retirement Age Depending on your age, Social Security will withhold part or all of your benefits if your wages exceed a certain amount. For those under full retirement age (FRA - currently between 66 and 67), Social Security temporarily withholds by reducing $1 of benefits for each $2 earned over the annual limit. For those between full retirement age and age 69, Social Security will reduce $1 of benefits for each $3 earned over a higher limit.  Full Retirement Age (FRA) rule: no longer applies if you’re 70  Once you reach age 70, t...

Is inflation eating into your retirement?  (and what you can do about it) Inflation is highest it has been for many years.  Shopping for eggs, milk, gasoline, a gallon of paint, and more - brings a reminder of the impact that inflation has had on the cost of daily living.   Individually, we cannot control inflation.  However, there are two areas that we can control: reducing expenses and increasing income.  Here are some thoughts on both: TIPS FOR REDUCING EXPENSES For many retirees - taxes, insurance, food and gasoline, home ownership are probably your highest expenses.  TAXES:  Property, income tax, and medical insurance are probably your highest expense.     Some municipalities and counties offer retirees substantial discounts on their property and vehicle tax.  Several municipalities here in Alaska offer senior property discounts - 20% or more!  Tax on first two vehicles are "tax free".  Does your municipality off...