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One of the “Wackiest” Social Security Rumors Ever
Tom Margeneau, a retired Social Security Administration (SSA) employee, regularly shares engaging stories. In his latest article, he addresses a Social Security rumor I had not encountered before. I agree with his assessment that this is among the most unusual…
If You Think Your Social Security Benefits Can’t Be Garnished, You Are Mistaken
Private debtors are allowed to touch your Social Security benefits. Only the Federal Government can. The “can’t leave you with less than $750 isn’t always true; they can leave you with a lot less in certain instances. Your Social…
How Working at Seventy and Beyond Affects Your Social Security
People often ask whether continuing to work beyond age 70 will increase my Social Security benefit. The correct answer is that it depends on your previous earnings. Your Social Security benefit is based on your highest 35 years of earnings,…
Is a High Cost of Living Increase for Social Security Recipients Actually a Good Thing?
Seniors anxiously await the announcement of the cost-of-living increase (COLA) each year. But the truth behind COLAs is that inflation is increasing. Social Security COLA increases were not always automatic. Before 1975, Congress had to pass legislation to raise benefits,…
More and More Americans Are Relying Heavily on Social Security For Their Retirement Income
Social Security was created in 1935 to keep older people out of poverty when they could no longer work, but it was never meant to be your only source of retirement income. Currently, the average monthly Social Security income is…
The One Suggestion to Keep Social Security Solvent Most Americans Are Against
Social Security has faced insolvency before, and once again Congress will have to make some difficult decisions to keep it solvent and avoid a 22% cut to all Social Security recipients as early as 2032. The Trust Fund consists of…
Surviving Spouses Have Options For When to Claim Their Survivor Benefits
A surviving spouse becomes eligible to claim their Survivor benefits at age 60 (50 if disabled), when they would receive only 71.5% of their deceased spouse’s benefit. An ex-spouse may also be eligible for a survivor benefit if they meet…
Do Not Let the Fear of the Social Security Trust Fund Becoming Insolvent Make Your Social Security Decision
The looming insolvency of Social Security has become front-page news daily. However, do not let this fear determine when you should start your Social Security benefits. It is true that if Congress doesn’t take action soon, Social Security recipients could…
Age 65 Is No Longer The Full Retirement Age
It is very common for someone to start their Social Security benefits at age 65. The most common reason is to pay for their Medicare Part B premiums. If your full retirement age (FRA) is 67, which it is for…
Should The Wealthy Give Up Their Social Security Benefits?
As the looming insolvency date for Social Security steadily grows closer, more and more discussions on how to keep the system paying full benefits lean toward making high-income earners pay more. Some even ask if Social Security should be income-based.…