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The 1983 & 1993 Social Security Changes that Haunt People Today
Christy Bieber explains the simple reason so many seniors are losing much of their Social Security benefits. It’s due to specific laws that Congress passed to tax benefits in 1983 and again in 1993. When the 1983 rule was enacted,…
Be Wary of Social Media Alone for Retirement Advice
Erin Lowry is a Bloomberg Opinion columnist covering personal finance. Nearly 80% of millennials and Gen Z have used social media for financial advice per a Forbes Advisor survey . For starters, it’s difficult to set up a simple, safe and affordable…
Social Security’s Max Benefit Unattainable to Most
A $4,873 monthly benefit is more than some people make who work full time. But few will ever earn Social Security’s maximum benefit. Maurie Backman notes the typical recipient will get less than half that. Why? The max assumes a…
Winning the ‘early claiming’ game at Social Security
Kailey Hagen cites data showing more than 393,000 62-year-olds applied for Social Security in 2022. Any claim before 67, today’s full retirement age, constitutes an early claim and thus a reduced payment for life. Of course, early claims also mean…
How to Make an Early Retirement Work for You
What’s not to like about some benefits of retiring early such as avoiding the health impacts of a stressful job or getting to enjoy an open schedule at a time when you still have lots of energy? But Maurie Backman…
Good and Bad News on 2025 COLA
Mid October’s announcement date is still over five months away, but Katie Brockman says The Senior League is predicting a pretty scant 2.6% cost of living adjustment (COLA) for Social Security recipients for 2025. On the one hand a smaller…
Social Security Numbers on the Dark Web
Theft of Social Security numbers is commonplace these days notes Alix Martichoux of Fox59.com. But not everyone who has been victimized in a data breach will end up victimized by identity theft. The author advises not to overly worry about…
The Unfortunate Truth About Delaying Social Security Until 70
It’s popular to read that most experts extoll the many benefits of waiting until age 70 to claim Social Security. After all, you get the maximum monthly benefit amount possible and for the rest of your life. But Adam Levy…
Dave Ramsey’s Advice: Risky or Wise?
Grab your benefit at age 62 and invest it all says financial guru Dave Ramsey. Christy Bieber analyzes the advice here. Ramsey’s suggestion is to claim Social Security early (even at the reduced benefit rate) and put all of the…
Potential changes may call for a reassessment of Americans retirement plans.
Some things that may affect retirement plans are an increase in the cost of living and the government making changes to Social Security. A significant majority of workers expect Social Security to be a major source of retirement income. Other…