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Early retirement surged during Covid. Few of those are going back to work
Paul Davidson of USA Today notes fewer people are mulling a return to the workforce after an early retirement. Why? Retirement balances are stable or going up, inflation is abating, and many just get into a routine of not working…
Encourage People to Wait Longer Before Claiming Social Security
As Lorie Konish notes in this piece, raising the Social Security retirement age is coming up more in more in our political discourse. Most experts tout the benefits of waiting until 70 to file, yet 90% of people claim before…
Can I Get a Social Security Check Right When I Turn 62? No.
Start benefits at 62 and forget about it is the approach a majority of Americans take, though the reality of a check on or near your 62nd birthday is simply not so. How does it work then? If you turn…
When Waiting Until 70 to start Social Security Could Backfire
Delay, delay, delay say nearly all experts. Indeed, the highest permanent payout for life is achieved for those with the patience to wait to file for Social Security until age 70, known as max retirement age. Maurie Backman explains the…
Can You Get Social Security if You Never Worked?
Yes, is the short answer to collecting Social Security, even with no work record. Maurie Backman explains spousal and survivor benefits. These provisions in the law harken back to an earlier time when few women did work outside the home.…
Income Tax on Social Security – more than just the Feds
Paying federal income tax on Social Security benefits is often one of those “are you kidding me?” moments for retirees. The thresholds have not been adjusted for inflation since 1994, though the tax was first implemented in 1983 legislation. Thus,…
Un-retiring? Beware of Age Discrimination
With Social Security replacing just 40% of pre-retirement income, it’s small wonder more seniors desire to work. Jeff Clabaugh has some excellent advice for retirees looking to reenter the workforce. Don’t put an AOL e-mail address or your home address…
Watch Out Not to Lower Your Social Security Benefit for Life
Maurie Backman notes the importance of Social Security in retirement. It is thus important to lock in as generous a monthly benefit as you can. But making any of the three moves here might do the opposite — slash your…
Social Security Spousal Benefits to Grow in 2024
Spousal benefits will increase in 2024, but not as much as other benefits in dollar terms. Why not? This is due to how spousal benefits are calculated, as explained here by Kailey Hagen. In January 2024, the Social Security COLA will be 3.2%…
Retiring in 2024? Make 3 Moves Now
Maurie Backman has advice for those about to embark on a new chapter of their lives called retirement. First, get an estimate of your monthly Social Security benefit. You get those statements in the mail if aged 60 or older.…