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The Financial Independence, Retire Early (FIRE) movement explained
On the “life events scale” used by psychologists to determine stress levels, retirement is the 10th most stressful event you can experience. According to a recent GOBankingRates survey, 66 percent of Americans fear that they will run out of money…
Perceptions vs. Reality in Retirement Planning
The newly released survey from the Stanford Center on Longevity (SCL) examined the challenges and concerns facing individuals as they plan for retirement. “So many Americans manage their finances on their own for years without any advance planning, only to then…
The Social Security Expansion Act
Without Social Security benefits, about 4 in 10 adults aged 65 and older would have incomes below the poverty line, according to official estimates based on the 2021 Current Population Survey. Social Security benefits provide at least 50 percent of…
The Nuts & Bolts of Applying for Social Security
Knowing when to apply for Social Security so your payments start when you want is an important part of your decision making process, but knowing how to apply is also important. You can apply for benefits up to four months…
Medicare Changes for 2023 – Some Good News
The Centers for Medicare & Medicaid Services (CMS) has announced the 2023 changes to the Medicare program, and the announcement definitely includes some good news – the Medicare Part B premium will be less in 2023 than it is in…
How Medicare and Medicaid Differ
Often confused due to the similarity of their names, Medicare and Medicaid are two entirely separate programs. Medicare is an insurance program for those 65 and older, eligibility for which is earned by working. By contrast, Medicaid is a social…
Want More Social Security? Here’s How
Of course, everyone wants as much from Social Security as they can get – after all, you’ve paid into it throughout your entire working career. But, as with most things, the devil is in the details and to get a…
Spotlight on Social Security Insolvency
The future of Social Security has been a topic of media anxiety for years now, with each annual financial report from Social Security’s Trustees launching a new round of hysterical commentary. Make no mistake – Social Security is, indeed, in…
Your Benefit Calculation and the Importance of the Year You Reach Age 60
The formula for computing Social Security retirement benefits is based on your highest 35 years of reported earnings, with each year’s earnings up to age 60 indexed to bring them up to present-day values when your base benefit is calculated.…
Using a “Bridge” Strategy to Maximize Social Security Benefits Gaining in Popularity
Research from the Center for Retirement Research (CRB) provides insight into a retirement planning strategy that appears to be gaining in favor among future retirees. In a post on kiplinger.com, Senior Retirement Editor Elaine Silvestrini reports that more than a…