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Social Security Benefits: Then & Now
How have benefits changed over the last 20 years? Katie Brockman notes the average retiree receives far more in benefits each month today than in 2004. The maximum benefit 20 years ago at full retirement age was $1,825 per month.…
Working While on Social Security? Watch out.
For those beyond full retirement age (now 67), this warning does not apply. But, Katie Brockman advises those who work while collecting benefits between 62 and 67 to be aware of income limits. Social Security reduces benefits once certain thresholds…
Tips to Be a Roth IRA Millionaire
With Social Security replacing a mere 40 percent of pre-retirement income, Maurie Backman provides 3 tips on becoming a Roth IRA millionaire here. Federal Reserve data from 2022 shows the average American aged 64-74 had about $609,000 in retirement savings.…
Will Kamala Harris address Social Security’s COLA flaw?
Maurie Backman eludes to the big cuts coming to Social Security checks in about a decade absent reform. But of more immediate concern is how Social Security cost of living adjustments (COLAs) are based on only 3rd quarter changes in…
What do Statistics Say Is Best Age to Claim Social Security?
As Katie Brockman notes, the age you sign up for Social Security is one of the most important factors influencing your benefit amount, and it can affect your payments by hundreds of dollars per month. You can claim as early…
Why do retirees take Social Security when they do?
Katie Brockman seeks to find out why people take Social Security when they do, since the options range from age 62 to 70. When asked why they chose to take benefits at the age they did, 47% of current beneficiaries…
The Risk of Claiming Social Security at 70
Achieving the highest possible monthly Social Security benefit possible means waiting until age 70 to claim. This is because benefits compound at 8% annually between 67 and 70. But one must consider all the lost checks not collected from 62…
The 10 Best U.S. States to Retire In
It’s common to see articles noting the best places to retire in the U.S. All use different criteria and rankings. For this list, Bankrate analyzed all 50 states across five categories with these assigned weights: One overall rank for each…
Relatively few American workers feel good about their retirement savings
According to CNBC’s August 2024 Your Money retirement survey conducted with SurveyMonkey, just 37% of non-retired Americans are either “on schedule” or “ahead of schedule” with their retirement investments. Of those who feel good about their savings, 42% cite contributions made early…
What is an average retiree Social Security benefit?
In this USA Today piece, Maurie Backman of The Motley Fool notes that as of July 2024, the average retired worker on Social Security was getting $1,919 per month. That equates to a bit over $23,000 annually in benefits. Backman notes that…