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Will Gen Xers ever be able to retire?
Those born between 1965 and 1980 are the first generation of workers to come of age with 401(k) plans as their primary retirement vehicle after employers shifted away from traditional pensions in the 1980s. They’re known as Generation X, and…
There’s Debate on Whether Social Security Benefits the Wealthy More
Maurie Backman hits a touchy subject here. We know the U.S. tax code has favorable deductions and treatment of income in many aspects for wealthier individuals. But what about Social Security? Well, naturally the more one earns, the higher benefits…
COLA Watch 2025: News Worsens
Trevor Jennewine notes here that more than 2/3 of retirees surveyed by The Senior Citizens League said Social Security’s 2024 cost-of-living adjustment (COLA) failed to keep up with their expenses. The 2025 COLA was already projected to be smaller than last…
Boost Social Security Checks Up to 28% With Little Known Move
Kailey Hagen notes that some people regret claiming benefits before full retirement age (now 67 for those born 1960 or later). But, alas, you can take back your Social Security application within a year of signing up if you pay…
A Social Security table that shows the power of patience
Kailey Hagen explains and illustrates how delaying Social Security can pay off handsomely. If you qualify for the average $1,917 benefit at 62, waiting until 63 to claim adds $96 to your monthly check. And the longer you wait, the…
Is Social Security ‘Running Out of Money?’
Less money not no money, is the correct explanation of Social Security’s big upcoming financial shortfall. Peter Suciu, a contributing writer for Forbes, explains it all in this National Interest piece. The Congressional Budget Office (CBO) warning is the more…
3 Social Security Changes That Occurred in 2024
While there was no change in the law, Maurie Backman reminds folks that three changes take place yearly. In 2024 the COLA was 3.2% for all. Estimates call for about 2.7% in 2025. The amount of wages taxed at 12.4%…
A $600 Increase This Month in Social Security? No. It’s a rumor.
Social Security isn’t immune from the rumor mill, especially on-line. Kailey Hagen notes the false rumors circulating on-line about a big boost coming in June for Social Security recipients. How the rumor began is unknown. Reality is the next cost…
The Harsh Realities of Living on Social Security
It’s common knowledge that the average monthly Social Security benefit these days is slightly over $1,900, and there’s also a fairly common understanding that the program’s retirement benefits are intended to replace about 40% of a retiree’s average career earnings.…
Tomorrow is World Elder Abuse Awareness Day (WEAAD)
A recent post on IRS Newswire focused attention on the rising threat of impersonation scams targeted at older adults by scammers pretending to be government officials and attempting to obtain sensitive, personal information including social numbers. The details of this…