That being said, Social Security is considered an important part of most people’s retirement income. In 2020 alone, 69.8 million Americans received benefits from programs administered by the Social Security Administration (SSA), with 5.8 million new people receiving some form of Social Security in that year alone.2
We are already seeing the effects of climate change with record-setting heat waves, out of control wildfires in Western US and around the world, deadly flash floods, devastating hurricanes, and rising sea levels which are threatening homeowner’s and our infrastructure. And this is just the beginning. In the future, these events are expected to intensify causing even more damage.
Without these forms completed, you could be left in the dark or without the ability to make medical decisions for your child.
They can still make an IRA contribution, but they can’t deduct it. Since they already paid tax on the $6,000 (Maximum contribution limit if under age 50) they each put in their respective IRA’s, when they take the money out years later, they would only pay tax on anything above the $6,000 they each put in.
After being cooped up for winter and COVID, getting outside is one of the most enjoyable things about summertime. Being outside usually means you are more active but it often means that you are spending more time with nature.
As a primer, when one is turning 65, they should apply for Medicare. This is true whether they are collecting Social Security yet or not. One can opt for Original Medicare which consists of Part A (Hospitals) and Part B (Doctors) and Part D (Prescriptions). Some folks choose to go with a Medicare Advantage plan that combines these parts and could have lower monthly premiums.