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Life Expectancy is Crucial for Deciding When to Claim Social Security
Do you know how long you will live? Well, no one can predict that with 100% accuracy, but a recent study found that about 60% of respondents had no idea even what average life expectancy is for those considering retirement.…
When Will Social Security Be Insolvent?
Each year, the Trustees of our national Social Security system do an in-depth analysis of the program and, in particular, it’s financial condition. And for many years (decades, in fact) the Trustees have warned Congress that Social Security’s Trust Fund…
Health care in retirement can come with a hefty price tag
Employee Benefit Research Institute found in their latest study compared health care costs in retirement between having a Medicare with a Medigap policy or a Medicare Advantage plan and found that you would pay more during the course of their…
The most effective tactics for protecting your identity
There have been 95,901 total reports of government imposter scams alone in 2022, according to the Federal Trade Commission (FTC). The Social Security Administration is the most impersonated federal government agency resulting in $46.37 million in total losses. Kurt Knutsson…
Be sure to do this before you start Social Security benefits
Deciding when to begin your Social Security benefits should not be made in a vacuum, especially if you are married. Different claiming strategies will maximize your combined income. Christy Bieber advises if you are thinking about filing for your Social…
Losing money is the last thing any of us wants
Nobody likes to lose money, especially your retirement savings. The stock market can be risky, but a savings account, even a high-yield one, cannot beat inflation. There are still low-risk, guaranteed-growth investments that are an alternative to the riskier retirement…
CBO estimates a funding shortfall in 2032
The Congressional Budget Office (CBO) estimates federal spending on Social Security and Medicare will outpace the revenues and the economy overall. They quoted a variety of factors, including rising costs of medical services, large cost-of-living adjustments, and the last of…
Seniors are feeling economic strain
A survey by American Advisors Group (AAG) found nearly 90 percent of seniors think the United States is experiencing a retirement savings crisis. Chris Moschner, Chief Marketing Officer of American Advisors Group, stated, “The data show that seniors are feeling…
You shouldn’t rely too heavily on Social Security
Nearly nine out of ten people age 65 and older were receiving a Social Security benefit as of December 31, 2022. Social Security is the major source of income for most of the elderly. Despite the misleading information on the…
Do you have unrealistic expectations regarding Social Security?
The harsh reality about Social Security is that it will not replace all of your pre-retirement income. According to the Social Security Administration, 37 percent of men and 42 percent of women receive 50 percent or more of their income…