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How Social Security fits into Retirement Planning
The average Social Security payment for those age 65 is just a bit over $1,600 per month. When you consider that the average 65 year old typically has needs about $2,400 per month of income, it’s easy to see a…
The Social Security “Direct Express” card is changing
Although most American’s received their monthly Social Security (and Supplemental Security Income, or SSI) payments by direct deposit into their personal banking account, there are about 3.6 million beneficiaries who use the Direct Express card to receive their monthly benefits.…
The only Social Security certainty? American’s are largely opposed to change
One thing is certain, according to a recent survey: Americans are largely opposed (with only one exception) to any changes to the Social Security program. But the problem is that unless changes are made, the program will become “insolvent” in…
Social Security (and Disability) and Medical Debt…A Complex Issue
For seniors carrying substantial medical debt, the garnishment of federal benefit payments, specifically Social Security and Disability payments, can produce frightening anxiety at a time of extreme vulnerability. CBSNews.com contributor Angelica Leicht helps relieve some of that anxiety with an…
Here’s a claiming strategy that may be worth considering, depending on nuances.
For claimants having dependent children under 18, there are provisions in the Social Security rulebook that could make it beneficial to file at age 62 but remain fully employed. It’s called a “claim-early-and-keep-working” approach that would enable payment of benefits…
“AI Apocalypse” Downplayed, Impact on Workforce Not as Great as Feared.
OpenAI CEO Sam Altman, speaking at a conference last week, publicly announced that “AI would not lead to a global ‘jobs apocalypse’ and the technology had not claimed as many white-collar jobs as he had feared.” His remarks and the…
Benefits Calculated for an Early Filer Can Increase…Here’s How
Nearly a quarter of those reaching Social Security’s early retirement age (62) elect to take that step and absorb the benefit reduction—30% if your full retirement age is 67. They assume that to be a permanent reduction, and in the…
The Evolving Retirement Playbook: What Has Changed?
Many seniors currently living in retirement have traveled the same road: get an education, find a stable job, and launch a career that will last about 49 years. And along the way, be systematic about saving for those “golden years,”…
Social Security Insolvency: Thoughts on Preparing for the Worst
Social Security’s projected inability to pay scheduled benefits in full is garnering increasing airtime in the media today. As the trust fund’s full depletion looms closer and closer, this level of attention will undoubtedly continue to ramp up, as will…
Advice to Those Just Begining a Career
So much has been written over the past few years about the critical importance of preparing financially for the future–and even more explicitly–for retirement, and in most cases, it comes down to being diligent in accumulating wealth for those later…