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How to Know if You’re Banking Too Much on Social Security
Maurie Backman reminds folks that Social Security should be one of several income sources in retirement. It replaces only about 40% of pre-retirement income and was never meant for anyone to live on by itself. You know you’re banking too…
What is a Social Security Payee?
Below is a recent informative post in its entirety from Stephen McGraw, Acting Deputy Associate Commissioner, Office of Strategic and Digital Communications, in a blog post on Social Security’s website: You may know someone who gets a monthly Social Security…
Four No-Brainers to Beat the Average Social Security Benefit
Robin Hartill notes surviving on the average benefit of $1,827 per month effective January 2023 yields only $21,924 a year, which is tough. However that’s the reality for those whose only source of income is Social Security. These benefits were…
Secure 2.0 Act Explained
Javier Simon of Fox Business explains how the just passed and signed Secure 2.0 will introduce major changes to the retirement savings system. Here are some of the legislation’s major changes at a glance: Other provisions include indexing future IRA…
Watch Out for Scams Tied Directly to the 2023 COLA
Average Social Security payments will increase by $146 a month this year. Vince Cariaga says scammers are already hard at work trying to get a piece of that 8.7% cost-of-living adjustment, the highest in more than 40 years. Scammers often impersonate Social…
Beware of These 3 Social Security Pitfalls in Retirement
While people appreciate it when they finally begin collecting a monthly Social Security benefit, Maurie Backman notes folks might also encounter certain pitfalls related to Social Security. Here are a few to prepare for. The first is insufficient raises, as cost of…
Outdated Rule Will Blunt the 8.7% COLA for Many
The 8.7% cost of living adjustment (COLA) is welcomed by those receiving the boost this month. But beware. Maurie Backman suggests caution is in order. While the 2023 COLA is generous by historical standards, it may not go as far…
Six Social Security Changes That Took Effect January 1st
Sean Williams cites data from the Center on Budget and Policy Priorities noting that Social Security pulled nearly 22.5 million people out of poverty in 2020, including 16.1 million adults aged 65+. While no substantive changes to the program have…
Score a Richer Monthly Social Security Payout
Ryan Downie echoes here what many experts say to do to maximize Social Security benefits. One, delay as long as possible. Waiting until age 70 will yield the highest monthly payout for life. Two, work 35 or more years. Anything…
Secure 2.0 Enables Additional Penalty Exceptions for Retirement Account Withdrawals
Prior to Secure 2.0 and the recently-passed House Spending Bill, there were 10 provisions for penalty-free withdrawals from a qualified retirement account. Now, with passage of this bill, there are four more. In a post by CNBC Personal Finance Reporter…