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Why Claim Social Security at 70?
Very few do it. That is, begin Social Security benefits at age 70. Maurie Backman highlight two benefits. The obvious is the the highest permanent possible monthly benefit to which you’re entitle. The second reason is all the extra years…
Make These 6 Changes if Living on Social Security Alone
It was never intended to be a sole source of retirement income, and indeed, one cannot make ends meet with any level of comfort if trying to live on just Social Security. But, Jordan Rosenfeld says one will have to…
“Not a Dime.” The Young’s Pessimism on Social Security Explained
Selena Maranjian notes the bleak view the young have toward politics and Social Security. Studies have documented it for over a decade. According to the Nationwide Retirement Institute 2023 Social Security Survey, when shown the statement, “I will not get…
Women and Social Security
“The times, they are a-changing!” “The times they are a-changing,” Grandpa was fond of telling Grandma as they navigated through the Great Depression, the world changing around them on their small upstate NY farm. Although the Social Security Act was…
A 3.2% boost for 2024?
We’re less than a month away from the announcement of the 2024 cost of living adjustment (COLA). Javier Simon explains how he arrives at a predicted 3.2% increase in benefits. Whatever the final calculation, all analysts agree it will be…
Being Forced to Retire is Common
A recent survey by Edward Jones and financial advisers across the industry report that 40% of their retired clients were forced into retirement. Further, 97% of the advisers surveyed agreed with the statement that retirement involved more surprises and challenges than…
Defusing the Social Security “tax torpedo”
Liz Weston explains Social Security benefits were once tax free. That changed in 1983 with an update in 1993. Neither change indexed the brackets for inflation. In 1983, just 10% of seniors paid the tax, but it’s now the vast…
Is There a Best Age to Take Social Security?
Yes, or at least maybe, is the answer to a “best” time for starting Social Security. Traditionally experts have asked folks to examine their own health and family’s longevity when trying to ascertain when to begin retirement benefits. Starting at…
The Double Edged Sword That is the Social Security COLA
Social Security retirement benefits are due to go up, and the exact percentage increase will be announced by the Social Security Administration on October 12th. Sean Williams notes the double edged sword nature of this. The increase will be lower…
Gaps in Knowledge & Changes Coming to Social Security in 2024
Trevor Jennewine mentions a survey from the Nationwide Retirement Institute in this piece. He also notes the typical annual changes coming to Social Security effective January 1, 2024. One will be a cost of living adjustment, predicted around 3% but…