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Reasons You Could Get Stuck With a Tinier Social Security Check
Maurie Backman cautions folks about slip ups along the way to retirement that could leave folks with a much lower amount than anticipated. What are these? The usual suspects are of course not working 35 years. A zero is added…
Will Social Security Be There When People Need It?
According to Northwestern Mutual’s 2022 Planning & Progress Study, 44% of Americans don’t think Social Security will be there for them when it’s time to claim benefits. Maurie Backman explains Social Security’s looming insolvency. She explains the difference between benefit cuts…
You Might Regret Your Early Social Security Claim
Christy Bieber explains that most people do not wait for full retirement age (FRA), which is soon to be 67 for all, before starting benefits. That choice can have dire consequences. It permanently shrinks one’s monthly benefit to begin any…
What to know if considering a Social Security office visit
Rachel Hartman of U.S. News has a piece here about what to do and know ahead of going for an in person visit to a local Social Security office. After two years of the pandemic, offices are opening up. She…
Max Social Security benefit unattainable for most
Christy Bieber explains why most folks will never get the maximum monthly benefit for Social Security, currently $4,194 per month. In short, you would need to have made or exceeded the maximum wage cap, thus paying FICA tax on that…
Delaying Social Security for More Money Is Overrated
This article by Stefon Walters is somewhat of a contrarian with his piece here arguing the delaying benefits for higher monthly payouts is not advised. Most financial experts argue to wait as long as possible to start Social Security (to…
Can I Collect Both Social Security Disability and Unemployment?
Although it would be highly unusual since Social Security Disability Insurance (SSDI) benefits are only awarded to those who cannot work for at least one year and benefits only start 6 months after SSDI benefits are approved, there are no…
Funding Your Retirement
Short on funding sources for your retirement? Traditional defined-benefit employer pension plans are fast becoming a thing of the past. And Social Security – never intended to be your sole source of retirement money – may turn out to be…
Choosing Between Paying for Your Child’s Education, and Saving for Your Retirement
In this somewhat conflicted article appearing in Barron’s magazine, retirement contributor Gail MarksJarvis seems to chastise parents who pay for their children’s college education without simultaneously saving enough for their own future retirement. The article’s intent – to encourage parents…
The Basics of Medicare
Medicare can be a confusing topic. There are several different “parts” of Medicare, each with a different purpose and cost. There are private “Medigap” plans which cover healthcare costs which Medicare doesn’t cover, and Medicare Advantage plans which can be…