Latest News
Why it might be best to not count on Social Security
Selena Maranjian admits that Social Security is critical for Americans and that is acts as an anti-poverty program. But she says it may not be worth counting on if not yet retired because it replaces so little of pre-retirement income…
Claiming Social Security Early Could Have 3 Benefits
Financial advisers are almost unanimous in stating one should delay Social Security benefits as long as possible (to age 70) to increase the monthly payout for life. But even though there’s a financial hit to claiming at any time before…
Be aware of three common Social Security mistakes
Stefon Walters covers three main points here. One, it’s imperative to know when your full retirement age is. It is not 62, even though that’s the most common age when people claim. It is 67 for those born in 1960…
Big 2023 COLA still falls short
While the 8.7% cost of living adjustment is the highest in decades, no one should be giddy about getting ahead of inflation with it. It’s all about treading water, as noted here by seniors columnist Kerry Hannon. She reports results…
Social Security, Medicare, and Deficits
John Goodman of Forbes starts by noting the federal debt is about $31.4 trillion. Subtracting the amount the government owes to itself (bonds held by federal agencies), the debt nets to roughly $24.5 trillion—close to the nation’s entire annual output…
Is Social Security Actually Running Out of Money?
Not completely is the answer the the above question. Maurie Backman does explain the very real financial shortfall facing the Social Security program. She explains the difference between projected benefit cuts of about 23% coming around 2032 and the program…
Three Cardinal Rules About Social Security
Social Security sometimes seems like an overwhelmingly complicated program, especially if you’ve ever tried to navigate their website to find answers to questions you may have. The most crucial decision you need to find the answer to is, simply, when…
Pros and Cons of Claiming Social Security Early (or later)
Deciding when to claim your Social Security benefits could be one of the most important financial decisions you’ll ever make, so it simply makes a lot of sense to choose wisely. But to do so, you need to understand the…
Is Your Local Social Security Office Open?
Turns out that, just like private businesses, circumstances sometimes arise where your local Social Security office may not be open for walk-in service, or even telephone service. In these cases, it sure would be good to know that before you…
Retirement Income: Will You Have Enough?
Talk to just about any financial advisor and they’ll probably tell you that your income in retirement should be, depending on the advisor, somewhere from 50% to 100% of your pre-retirement income. Of course, much depends on the lifestyle you…