Social Security Changes for Workers

The Social Security System will likely recoup that deferred tax incrementally over time – not in a lump sum – but as the law stands now, it will have to be repaid. That means that workers can expect their take home pay to be reduced back down to the amount they received before September 1st plus an additional temporary reduction until the deferred taxes are repaid.

So in the months ahead, look for ways to cut spending a bit so you can stay on budget and not have to tap into savings to meet your expenses.

Next, Rob and Steve answer listener questions at 800-525-7000 or by email at Questions@MoneyWise.org including the following:

• A caller and her husband have been faithful financially since becoming Christians in their early 20s. They have always been faithful tithers and generous givers and lived within their means. There have been several job losses over the years, but God has been faithful to provide for their needs. They are now able to retire early.

• Caller shared a similar testimony about being taught Biblical financial principles at a young age. She learned to trust in God’s provision and has always tithed no matter what. She says when you tithe, you’re giving God what’s already His. It was never yours in the first place.

• A couple is looking to save $5000 for an anniversary trip that will happen in two years. What’s the best way to save, and what’s the best place to put their money to meet that objective? (Rob mentioned higher-yield savings accounts at Marcus, Ally Bank, and Capital One 360.)

• Caller’s step-father passed away a few months ago. Caller expects to receive a sizeable inheritance. She’s wondering what she should do with the money. Options she mentioned included getting completely debt free. She’s wondering if she should pay everything off, just pay off the car but continue making payments on the house, putting it in savings, etc. (Rob outlined the steps you should take when making decisions about unexpected income.)

• 75-year-old widow is trying to learn to manage her investments since her husband was always the one to do that. Rob talks about finding a godly financial advisor and making sure she ask plenty of question and stay involved in the management process rather than simply trusting the advisor to handle it all. (If you need to find a financial advisor, you can do so at MoneyWise.org. Just click on “Find a CKA” which stands for Certified Kingdom Advisor. )

FOR BRANDY:

FOR ALAN: