Latest News
Can you get a mortgage with only Social Security income?
Yes is the answer to being able to obtain a mortgage with only Social Security income. So says Molly Grace , a reporter at Insider. Grace notes one’s overall financial situation is key. In some cases, a lender might be…
Snagging That Coveted Social Security Max Benefit over $4,000
Maurie Backman notes the absolute maximum one can get per month from Social Security is $4,194. But very few get or ever will receive that sum. Why? It takes earning the maximum for all 35 years or more of one’s…
Should We Be Worried About Social Security?
Maurie Backman takes on “the sky is falling” which runs rampant in the literature regarding Social Security’s long term financial health. Backman admits, “Things aren’t looking great, but all isn’t lost.” Benefit payments now exceed incoming revenue, a trend that…
Mixing Social Security & Veteran Benefits
Georgina Tzanetos notes military members have been covered by the Social Security system since 1957. There is generally no reduction of Social Security benefits because one receives military retirement benefits, as there is for certain municipal employees via WEP and…
Could a Record 2023 COLA Increase Backfire on Seniors?
Dawn Allcot explains how cost of living adjustments (COLAs) are computed, and notes consensus forecasts of a 10.5% adjustment for 2023 would put an extra $175+ in the pockets of retirees, based on the average benefit of $1,668 per month.…
The New Trend – Retiring Later & Working Longer
Trina Paul of CNBC reports that a jittery stock market and record high inflation are combining to keep seniors in the workforce longer, thus pushing retirement further away. She also notes people are living longer and retirement costs are far…
Prepare for Social Security NOT to be Enough on Which to Retire
Keith Speights of The Motley Fool makes a few key points in his argument that Social Security alone is not enough for most in retirement. The most important move is to save as early and as much as possible. He…
Does Claiming Benefits at 62 and Investing Them Make Sense?
While most advisors say one should delay Social Security as long as possible (up to age 70) to gain the maximum benefit, Mark Blank says a strategy of grabbing benefits as early as possible (age 62) and investing them should…
Key Moves To Make While Working for Higher Social Security Benefits
Who doesn’t want a higher Social Security monthly benefit? But waiting until you collect benefits leaves almost no room to gain a higher payment. Maurie Backman explains there are steps one can take while still working, however. Because your highest…
Upcoming Social Security changes that could benefit some yet cost others
No substantive change in law is expected by Congress with regard to Social Security this year. Yet some changes occur automatically each January 1st, mostly as a result of inflation. Maurie Backman forecasts a robust cost of living adjustment (COLA),…