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Social Security benefits for children
Within a family, a child can receive up to half of the parent’s full retirement or disability benefits. If a child receives survivor benefits, they can get up to 75 percent of the deceased parent’s basic Social Security benefit. There…
When can I see my cost of living adjustment for 2023?
Do you want to know how much your Social Security benefit will be next year in December? You can; if you did this one step before November 15th; if not, you will need to wait for Social Security to mail…
How to achieve the maximum benefit amount
The maximum monthly Social Security check in 2023 will be $4,555 or $54,660 year. So, what do you need to do to receive the maximum Social Security benefit amount? There are three steps pre-retirees need to take to claim the…
How Are Social Security Benefits Taxed?
More than half of the 65 million Social Security recipients pay taxes on their benefits. The amount of taxes you will pay depends on your income, including retirement, survivor, and disability benefits, and filing status. Kemberley Washington and Kim Porter…
The Social Security Administration employs an unusual tactic
Last week the Social Security Deputy Commissioner for Communications, Jeff Nesbit, wrote: “Congress provided us with $400 million, which provides enough funding to cover our fixed cost increases only through December, overtime at FY 2022 levels, and continuous hiring at…
Tips for Retiring on a Budget
Most financial and retirement experts advise us to save $1 million or more for our retirement. However, many Americans fall short of this goal, but that does not mean you cannot have a comfortable retirement. Gabrielle Olya outlines a complete…
Social Security, by itself, won’t be enough
The Social Security Administration states 21 percent of married couples and 45 percent of single persons rely on Social Security for 90 percent or more of their retirement income. Based on recent polls conducted by several leading financial organizations found…
The changes that will impact all future retirees
As of October 2022, over 48 million Americans received Social Security retirement benefits. However, there will be around 10,000 people (taking the total of retiring males and females) turning 65 each day for the next two decades. Although your retirement…
Millennials and the FIRE Movement: A Cautionary Tale
The thought of retirement way before conventional approaches is attractive to many younger workers desiring freedom from work life. That attractiveness has spawned the FIRE movement–“Financial independence, retire early”–and in recent past it seems to be growing n popularity. If…
One More Time: When Should I Take Social Security Benefits?
It’s not always a simple decision, and it’s one of the most frequently-encountered questions most financial planners receive from their clients. Here, in a less-than-three-minute video clip from Fox 2 St. Louis, is a summary view of points to consider…