I often say I like writing about money because it's an area of human activity that naturally lends itself to my unfortunate literal tendency. Today's post is a good example of what I mean by that. Everybody knows Social Security retirement benefits rise the longer you delay claiming them Usually this is framed as an incentive to "delay retirement" or "keep working" past age … [Read more...] about The Social Security magic trick
Today we are enjoying the fruits of a politics founded, at its core, on the principle that the wealthiest, most powerful people in our society feel ill-used by the political system they exert an almost unfathomable amount of control over. They feel that someone, somewhere, must be pulling one over on them, whether it's immigrants, ethnic minorities, the poor, public school … [Read more...] about Come to terms now with the fact that you will feel poorer in old age
Workplace 403(b) retirement plans are, very roughly speaking, the non-profit and public sector's answer to the 401(k) retirement plans offered by private companies. If your workplace 403(b) account is administered by Vanguard, you probably recently received a letter explaining some changes to your account. The most important changes are: a change in fee structure from a … [Read more...] about What should you do if your Vanguard 403(b) account is getting access to Admiral shares?
Having failed to strip health insurance from tens of millions of low-income Americans, the Republican Congress has moved on to their next project of radically reducing the taxes paid by a sliver of high-income Americans. If you follow this debate over the course of the next few months, you'll hear a lot about the distributional consequences of their plan. The top tax rate will … [Read more...] about I am rabidly in favor of tax simplification, which is why I oppose “tax reform”
Every year around February 1, I fire up the IRS's Free File Fillable Forms and begin the arduous process of manually inputting all my income and expenses for the year. I have what you could think of as either a very complex individual tax return or a very simple business tax return. It's a very complex individual tax return since I have to fill out Schedules C and SE in … [Read more...] about Why I do my own taxes (and why you might not)