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The two events that could reduce your Social Security Increase in 2024
The Social Security’s Cost-of-Living Adjustment (COLA) is to ensure that the purchasing power of Social Security benefits does not erode by inflation. COLA calculation is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and…
The $20 Trillion Social Security Solution
Jacob Wade recaps the Social Security Trustees warning that benefits will only be payable at 77% starting around 2033 unless reforms are made. The usual mainstay is to raise payroll tax rates and/or the wage cap so more earnings are…
Collecting Social Security– The Million-Dollar Decision
Barbara Corcoran, the celebrity of Shark Tank Fame, says “Collecting Social Security as a household is a million-dollar decision. Before you collect, you need to make sure you analyze [your options] and have a collection strategy that benefits your retirement…
Build Your Social Security Claiming Strategy Thoughtfully
Thomas Hager writing in Forbes argues one must plan carefully and thoughtfully before beginning benefits. The overall goal in the planning process should be to maximize high-earner benefits, coordinate benefits between spouses, and maximize survivor benefits. Hager lists many reasons…
Divorced? Know the Social Security Rules
Maurie Backman notes it’s a blunder that could really cost you. If you worked and paid into Social Security for at least 10 years, then you’re entitled to a monthly benefit as early as 62. You might also know that even if…
The Must See and Understand Social Security Table
Selena Maranjian’s article has this main point– you can make your Social Security benefits 24% greater or 30% smaller. You’ll want to make the move that’s best for you, buy you first must understand what benefits are paid at different…
Maximizing Those Social Security Benefits
Everyone would likely do it, or at least consider it, if they only knew. Such is the case with maximizing Social Security payments. To get the highest benefit one should earn more and work more, meaning 35 years or more…
Social Security to finally get a commissioner
With no confirmed commissioner since President Biden fired Andrew Saul, a holdover from the Trump administration who refused to resign in 2021, Kilolo Kijakazi has been the acting commissioner of the Social Security Administration. On Wednesday July 26th, Biden announced he will…
Break-even age – the single most important number to know
Stefon Walters explains the break-even age is the age when the total amount received from claiming benefits equals the amount received by delaying them. It’s a key factor, though just one, that should be used to determine when you claim…
Social Security Spousal Benefits – A Primer
It takes 40 work credits (10 years) to collect Social Security retirement benefits on your own earnings record. But if you didn’t work or fell short of that you may still be able to get benefits if you are, or were, married…