Debt Free Life Hacks: Managing Money Like a Boss

Hey, what do you do for fun? I love reading tons of books, listening to a bunch of podcasts, and diving into audiobooks. And I can't forget about going on walks, I love those too. Lately, I've been listening to a book all about social security, so this post is going to be about that topic. Social Security retirement benefits can get pretty complicated, so I won't get too deep into it, but there are three key ages to remember when it comes to Social Security Retirement benefits - Age 62 , Full Retirement Age , and Age 70 . Let's break it down. Age 62 🥇 Age 62 is the earliest age you can start collecting your Social Security retirement benefits. But here's the important part - if you start collecting at 62, you'll get less than if you wait until your Full Retirement Age. The longer you wait, the more you'll get. Full Retirement Age 🌝 When it comes to Full Retirement Age, that's the age when you can start receiving your full benefits without any reduction...

In a  previous article , I wrote about FICA and how you pay Social Security  and Medicare taxes. Let's dip into that a bit more.  Are you eligible for Social Security benefits? There is an easy way to find out.  I encourage you to create your  "My Social Security"  account on www.ssa.gov to learn about your benefits, view your earnings record, estimate your benefits, and more.  Why do Social Security Benefits Matter? Social Security Benefits could mean different things to different people. Some people use projected benefits to aid in retirement planning. You may choose not to use them in your projections, but it's still a good idea to be aware of your status. You also learn about other benefits you may qualify for. Remember OASDI - Old-Age, Survivors, and Disability Insurance ?  All of this information can be found on the SSA's website at  www.ssa.gov.   What's in your Social Security Statement? There's a lot of information in your stat...

Try not to get too excited, but this week we're talking about taxes! 😆What do you know about FICA? Have you ever noticed the deduction on your pay stubs and wonder what it was all about? FICA stands for Federal Insurance Contributions Act (FICA); put simply, FICA is a federal payroll tax. FICA is the money that comes out of your gross wages to pay social security taxes  ( old-age, survivors, and disability insurance ) and Medicare taxes ( hospital insurance tax ).  How much comes out of your check? The total amount that you pay is 7.65% of your gross wages. 6.2 percent goes to social security tax , and the remaining 1.45 goes to Medicare tax . Unless you're self-employed, your employer helps out by matching your contributions bringing the total to 15.3%. Self-employed individuals are responsible for the total amounts. Keep in mind that everyone's situation is different, these amounts apply to many, but there are exceptions. Individuals over a certain income threshold may ...