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An Argument in Support of Filing for Social Security at Age 62
“Conventional wisdom,” as espoused by many financial advisors, generally calls for waiting until age 70 to begin drawing one’s monthly benefit. Yes, the monthly payment will be larger, since the claimant has avoided the discount applied to early filers and…
The Average 2023 Monthly Benefit–How Do You Compare?
The Motley Fool’s Maurie Backman, in a post on wfmz.com, reports on the 2023 COLA-infused average monthly benefit. As she points out, though, one of the important things to be remembered about the 8.7% bump is that it simply reflects…
Unraveling Some of Social Security’s Complexities
It’s no secret that our Social Security program is somewhat complicated (yes, I know that’s an understatement). But as a result of the program’s complications, uninformed participants can (and often do) make mistakes that can cause them to under realize…
Best to Start Social Security at 70? Usually but not Always
Two articles here explore the advice most financial professionals give, which is to delay claiming Social Security benefits until age 70 to maximize the monthly payout for life. Of course the caveat with that is eight years (96 months) of…
Social Security Strategies to Help Widows Replace Lost Income
This Kiplinger article by Stacy Francis addresses the very real financial difficulties many women face after the death of a spouse. The sorrow alone can be overwhelming, but adding financial questions and concerns can make the situation unbearable. Survivors benefits…
A Once-in-a-Lifetime Social Security & Medicare Event
Trevor Jennewine reports on the historic increase that all Social Security beneficiaries will receive come January 2023. The 8.7% raise will boost the average benefit for retired workers to $1,827 per month, an added $146 per month, according to the Social Security Administration.…
No-Brainers to Beat Social Security’s Average Benefit of $1,674
Kailey Hagen notes that being able to cover all one’s retirement costs with Social Security alone is difficult. Of course it was never intended to be a sole source of income. Thus, there are 3 strategies that all should employ…
Are You Making these 3 Social Security Mistakes?
It can be dangerous and costly not to think much about Social Security until after starting benefits. Selena Maranjian urges pre-retirees to get familiar with the program, at least enough to NOT make these three mistakes: 1. Not reviewing your…
Over 50% of Retirees Are Worried About Social Security
Should over half of retirees be worried about Social Security’s financial health? Well, Maurie Backman reports here on a recent Motley Fool survey that showed they are indeed concerned. She explains the program is not going away but that upcoming benefit…
The Social Security Calculations All Need to See
Kailey Hagen advises those that want to squeeze as much money as possible out of Social Security to educate themselves and weigh all options carefully. She explains the first step in calculating benefits is figuring out your average indexed monthly earnings…