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A Once-in-a-Lifetime Social Security & Medicare Event
Trevor Jennewine reports on the historic increase that all Social Security beneficiaries will receive come January 2023. The 8.7% raise will boost the average benefit for retired workers to $1,827 per month, an added $146 per month, according to the Social Security Administration.…
No-Brainers to Beat Social Security’s Average Benefit of $1,674
Kailey Hagen notes that being able to cover all one’s retirement costs with Social Security alone is difficult. Of course it was never intended to be a sole source of income. Thus, there are 3 strategies that all should employ…
Are You Making these 3 Social Security Mistakes?
It can be dangerous and costly not to think much about Social Security until after starting benefits. Selena Maranjian urges pre-retirees to get familiar with the program, at least enough to NOT make these three mistakes: 1. Not reviewing your…
Over 50% of Retirees Are Worried About Social Security
Should over half of retirees be worried about Social Security’s financial health? Well, Maurie Backman reports here on a recent Motley Fool survey that showed they are indeed concerned. She explains the program is not going away but that upcoming benefit…
The Social Security Calculations All Need to See
Kailey Hagen advises those that want to squeeze as much money as possible out of Social Security to educate themselves and weigh all options carefully. She explains the first step in calculating benefits is figuring out your average indexed monthly earnings…
Is Social Security Running Out of Money Soon?
Not exactly is the usual answer as to whether Social Security funds are running dry. Vance Cariaga notes what experts always say, in that as long as some workers are making payroll tax contributions, some benefits can flow out. But…
Is 2023’s Whopping Social Security COLA Enough for Seniors?
Maurie Backman analyzes the 40 year high cost of living adjustment (COLA) seniors will get in January. But will an 8.7% raise actually help Social Security recipients gain buying power? Maybe. She cites a recent Motley Fool survey of retired Americans where 55% of…
How to Compensate for Likely Social Security Cuts
Maurie Backman explains Social Security’s funding problems, specifically that the program is paying out more than it takes in and that 20% across the board cuts are coming absent any reform. For near retirees, it is essential to do three…
Will Social Security Be Here in 75 Years?
Social Security is now spending more money than it’s taking in each year, calling the future of everyone’s benefits into question. But one need not fear that the program is going away or about to collapse though it certainly needs…
Rely on Social Security to fund retirement? Time to rethink
Kristen Carlisle says the impetus now falls more than ever onto individuals to take on more responsibility for their own retirement security given vanishing pensions and Social Security’s ill health and likely lower future payouts. She suggests better financial education…