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Claiming Social Security at 65 is truly a mixed bag
One can begin Social Security benefits as early as 62 or as late as 70, but Maurie Backman explains why choosing 65 is a sort of mixed bag. The pro side includes getting more checks as opposed to waiting until…
New WEP reform idea – portability & consolidation
It’s not well understood, and it draws near universal ire of those effected. It’s the Windfall Elimination Provision (WEP), which reduces Social Security benefits for those who receive a pension for work done without contributing to Social Security. Those affected…
Top 26 Tax Friendly States for Retirees in 2024
Ghazal Ahmed has an introduction explaining the importance of Social Security to seniors and how delaying benefits can provide a higher monthly payment. She then goes on to list the top 26 tax friendly states and explains the methodology for…
Watch Out for These 5 Social Security Scams
Selena Maranjian starts her warning by noting that Social Security will NOT call you out of the blue. Some of the most common starts to scam conversations begin with versions of these five: 1. Hi, I’m from Social Security, and……
Social Security Average Benefits at 62, 66, and 70
To say many American are underinformed about the Social Security program would be accurate but an understatement. Trevor Jennewine writes about the average benefit for those aged 62, 66, and 70. Social Security benefits are based on lifetime income and…
Can You Retire on Social Security Alone with the Max Monthly Benefit?
It’s fairly widely known that one cannot live on Social Security alone, as it replaces a mere 40% of pre-retirement income. But what about for those receiving the highest possible benefit? As of January 2024, the average Social Security benefit…
Social Security and the Future: Reasons for Worry
Selena Maranjian notes what most people have at least an inkling of knowledge– that is, Social Security is in trouble. The ratio of workers to beneficiaries is shrinking and has been for decades. The surplus that was built up from…
Two Marriages. Two Divorces. What about Social Security Now?
Spousal benefits are a complex set of intricate rules that often require doing some extensive math computations to decipher Social Security benefits. John Manganaro dives into examples in this piece, but the general principle is this: “An ex-spouse who wants…
When Should I Sign up for Social Security?
Perhaps no question is asked more often by near retirees than when to begin Social Security. An “it depends” is often the answer experts give. Why? Maurie Backman explains it all and suggests people contemplating Social Security (one can commence…
Social Security in 10 Years – with no fixes
Kailey Hagen explains what Social Security could look like in a decade (or less) with no changes, though she admits it’s unlikely Congress would ignore the issue as cuts were going into effect. Across the board cuts of 20% or…