Michigan Social Security Planning: Surviving Spouse

Making financial decisions shortly after a spouse passes away is very difficult. Especially, if it was the deceased spouse that handled the financials. Still, it is very important that you understand how your social security will change when one spouse passes away. The best time to plan and understand the changes is before your spouse …

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Michigan Social Security Planning: Delaying to age 70

If you have read this blog in the past, you probably  know that I really don’t like life insurance. I like it even less in retirement. Still, I have seen enough situations, even in retirement, that someone passing away unexpectedly can put a strain on finances. Delaying your social security until age 70 is what …

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Taxes on Social Security in Michigan

If you earned $50,000 per year in a 35 year career, you would have paid around $110,000 in social security taxes. Also, let’s not forget that your employer would have paid the same amount of taxes on your behalf, which means that there would have been nearly $220,000 paid in social security taxes throughout your …

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