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Is an Early Retirement Within Reach?
It requires a fair amount of planning, is the caveat that would accompany any desire to retire early. Maurie Backman notes those that save or have consistently saved 20% or more of their income are in a good position. Not…
Social Security Reform Starting to Take Shape
Jessica Hall of MarketWatch combines much reporting this week here on a bipartisan group of senators working to ensure Social Security solvency led by Angus King of Maine and Mitt Romney of Utah. Plans being considered included slowly raising the…
Social Security Here to Stay. But Challenges Persist.
Much recent news of late has discussed the financial troubles of the Social Security program. While they are real, Congress can and likely will fix them, even if just before insolvency hits around 2032. Maurie Backman explains the demographic problem…
5 Social Security Strategies To Secure Retirement
It’s a complicated program for sure, but Robin Hartill focuses here on five partiucular strategies that people need to know. Getting the maximum possible monthly Social Security benefit is what people should strive for. This means working 35 years or…
Trump, the GOP, and the very real politics of entitlements
This piece in POLITICO looks at the politics of Social Security and Medicare. Two camps seems to be developing in the GOP. One wants to deal with the reality that both problems will be financially insolvent in less than a…
Saving for retirement increasingly a struggle for older Americans
Mark Strassman writes about some sobering facts here. Social Security replaces a mere 40% of pre-retirement income, yet 40% of retirees say Social Security is their only source of income. The average benefit pays just $20,000 a year. The typical…
Why most feel the 8.7% COLA falls short
Social Security recipients received an 8.7% cost of living adjustment in January 2023, but it is hardly a “raise.” The benefit increase came after seniors had already paid higher prices for over a year. Maurie Backman notes a survey by…
Why it might be best to not count on Social Security
Selena Maranjian admits that Social Security is critical for Americans and that is acts as an anti-poverty program. But she says it may not be worth counting on if not yet retired because it replaces so little of pre-retirement income…
Claiming Social Security Early Could Have 3 Benefits
Financial advisers are almost unanimous in stating one should delay Social Security benefits as long as possible (to age 70) to increase the monthly payout for life. But even though there’s a financial hit to claiming at any time before…
Be aware of three common Social Security mistakes
Stefon Walters covers three main points here. One, it’s imperative to know when your full retirement age is. It is not 62, even though that’s the most common age when people claim. It is 67 for those born in 1960…