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The “Retirement Savings” Dilemma Continues in Full Force
The reasons are varied, but the constant conclusion is that many lower-income Americans are facing evaporating opportunities for financial security in retirement. In fact, the U.S. Government Accountability Office (GAO) noted last month that “only 1 in 10 low-income workers…
COLA Watch 2024, With an Interesting Observation
We’re into the second half of August now, and in the past few weeks there has been a flurry of news reports offering opinions about how far the 2024 Social Security cost-of-living adjustment will fall from its lofty 2023 increase…
Thoughts on Getting Social Security Assistance
Tom Margenau, a 32-year veteran of various Social Security Administration management positions and former director of SSA’s Baltimore public information office, routinely offers interesting and insightful facts and anecdotal accounts of Social Security situations. Usually using a question-and-answer format, he…
How Many Maximize their Social Security?
Maximizing one’s Social Security benefit is actually quite simple – just wait until you are 70 years of age to claim. Simple, right? That is unless there are overriding circumstances which require you to claim earlier, for example, if you…
Can Your Social Security Benefits be Stopped?
Here’s an interesting statistic: about half of all beneficiaries whose monthly benefit is below the 40th percentile depend on Social Security for 90% or more of their retirement income. A pretty sobering fact which highlights how painful it would be…
About Planning for your Social Security Claim
When is the best time to claim Social Security? Sounds like a pretty simple question, doesn’t it? But there is no simple answer, other than “it depends.” When you should claim your Social Security benefit depends on a number of…
Can You Live On Social Security Alone?
Unfortunately for some people, Social Security is their only source of retirement income, but it was never intended to be the sole source of retirement funding. President Roosevelt, when signing the Social Security Act into law in 1935, said that…
Social Security Constants – These Things Won’t Change
As we head toward a new year, various articles will start to appear which offer information about forthcoming potential changes to Social Security in 2024. Predictions on next year’s Cost of Living Adjustment (COLA) are already showing up, and others…
Which Medicare Plan is Right for You?
If you’re about to turn 65, you likely have been inundated with solicitations offering you Medicare-related healthcare coverage, each of which may seem attractive as advertised. Keep in mind, however, that what you are seeing is promotional material which highlights…
For Social Security: “Status Quo = Benefit Cuts”
Most Americans approaching retirement age know that waiting longer to claim Social Security means a higher benefit for the rest of their life yet, according to one study, only about 10% of Social Security claimants wait to get the maximum…