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Testimony on Social Security’s Finances
Phillip Swagel, Director of the Congressional Budget Office, testified on April 26th about his agency’s projections of Social Security’s finances before the House Ways and Means Committee’s Subcommittee on Social Security. Swagel noted the significant financial challenges facing the program.…
Can You Comfortably Retire Without Social Security?
Kailey Hagen notes those hoping to retire without Social Security will probably need to save $1 million or more on their own. Making monthly retirement contributions and sticking to that schedule is key to achieving that goal. But Hagen states…
Avoid this Social Security Blunder
Maurie Backman notes many seniors end up relying heavily on Social Security. But far too many overestimate the buying power those benefits provide and then often regret not planning before taking their monthly check. Backman notes Social Security’s roughly 40%…
5 Social Security Mistakes Many Make
Selena Maranjian says the biggest blunder most make is assuming Social Security benefits will be generous. They are not. The average 2023 monthly benefit is just $1,831 — or about $22,000 annually. Not checking your earnings record, not knowing your…
An Ideal Retirement Number?
Maurie Backman states, “You can bank on needing more than just Social Security for income once your career comes to an end. And if you don’t build up a large enough nest egg, you might struggle financially.” But is $1…
The ‘5-Year Rule’ Explained
According to the Social Security Administration (SSA), more than one in four 20-year-olds will develop a disability before they reach retirement age. Andrew Lisa explains that the SSA’s eligibility standards for Social Security Disability Insurance (SSDI) are notoriously unforgiving. The agency pays…
Social Security went up big in 2023. So did scams.
Maurie Backman acknowledges the darker side that accompanied Social Security benefits increasing at the rapid pace of 8.7% effective in 2023. The Social Security Administration’s Office of the Inspector General noted the record COLA has led to an uptick in…
Social Security: Working 35 Years is Key
Several factors affect the amount of your Social Security benefits, but chief among them is 35 years (or more) of work history. Typically, the longer you work, the more earning potential you have. The other major factor in calculating your Social…
Study: Retirement Savings Took a Beating in 2022
Breck Dumas reports that historically high inflation forced 25% of Americans to slash their retirement savings and a full 12% to quit saving entirely over the last year. That finding was in The TIAA Institute and George Washington University’s Global Financial…
Create a Backup Plan to Social Security
For those not yet collecting Social Security benefits, it is likely best not to be overly dependent on what your expected benefit is slated to be. Maurie Backman explains that 20% or greater cuts are due to occur in about…