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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…
An Overview of Survivor Benefits
Retirement benefits are available to spouses, ex-spouses, children, or dependent parents of someone who worked and paid Social Security taxes before they died. It can be complicated, but the Social Security Administration has taken great pains to clearly explain what…
Social Security’s “Do Over” Options (They’re Not Secrets, Just Not Well Known)
Statistically, 42% of men and 48% of women claim their Social Security benefits at age 62, the earliest age to claim retirement benefits. Often, after taking this step, these folks realize that it may have been better to wait until…
COLA Watch–2025 Edition
Continuation of the recent trend in CPI numbers has led forecasters to suggest that the 2025 Social Security COLA could fall into the 2.57% to 3% range, according to a post by Ted Godbout on the National Association of Plan…
Program Integrity Cited as Top Goal in SSA Improvement Efforts
In a recent interview of the Social Security Administration’s education, workforce and income security team director, Elizabeth Curda by Federal News Network, the priorities set for the future under Commissioner O’Malley were assessed, with improving program integrity described as the…
Retirement and Inflation…A Bumpy Road Ahead for Many
So, you’re arriving at the retirement mile marker, and you’re looking forward to kicking back and enjoying the benefits of a life spent participating in the workforce and building a work record for Social Security benefits. For many folks, the…
The Rumor Mill in Action…No, you’re not getting a bonus Social Security Check in June
Several less-than-reputable sources have been trumpeting the rumor that Social Security recipients will be getting a $600–or $638–increase in their benefits this month. Here’s a piece of advice…don’t spend it in advance! In many cases, these types of rumors result…
Another Push for CPI-E
The potential for use of a measurement more reflective of senior spending patterns has been under investigation for some time, and is the subject of pending legislation to adopt this senior-friendly tool. A recent post on planadvisor.com by Paul Mulholland…
Candidate Trump Offers a Glimpse of Potential Tax Strategy
In his June 9 Las Vegas rally, presumptive Republican presidential nominee Donald Trump announced his intent, if elected, to exempt tip income from “federal taxation.” Left undefined, though, is whether he’s referring to federal income tax or FICA tax (the…