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The True Meaning of Social Security as an Earned Benefit
The term “entitlement” is continually thrown around to describe the financial return to workers and dependents when their entry into Social Security beneficiary status occurs. Unfortunately, “entitlement” has a connotation in the popular world that tends to diminish the fact…
Determining When to Take Benefits…the Importance of Considering Longevity
So much has been written and espoused by financial pundits about the obvious math around delaying Social Security benefits until age 70. But, does the math work for you? Maybe, maybe not, as explained in a post by The Motley…
Timing Your Benefit Filing: Does the Effective Date for the COLA Make a Difference?
If you’re eligible for Social Security and on the fence about when to file to ensure you receive the full benefit of the 8.7% COLA slated for 1/1/2023, you may be wondering about the timing. The Motley Fool’s Kailey Hagen,…
How people should adjust their financial plans
There is no one-size-fits-all retirement advice for soon-to-be retirees, especially retiring in an economic recession. We all have watched our retirement portfolios take a dramatic dip this year, with all the markets down double-digit percentages. Trina Paul explains what soon-to-be…
How your COLA is applied
The Social Security Administration will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. The temptation to apply the 8.7 percent to your current payment is not how it works.…
You can increase your benefits with a few steps
You can begin your Social Security retirement benefits as early as age 62. If you delay taking your Social Security benefits to the age of 70, your benefit amount will increase. Since Social Security benefits are paid to you for…
Do you want to ditch your Advantage Plan?
The open enrollment period allows people already on Medicare to switch to a different plan that suits their needs better or add prescription coverage to their existing plan. Should you drop your Medicare Advantage plan and go to the original…
Are you limiting your retirement savings options?
Over 40 percent of U.S. workers participate in 401(k) retirement plans which is an excellent resource for building long-term wealth. However, it is not the only retirement savings vehicle. There are several options that can offer tax advantages and more…
How to find out what your 2023 Social Security benefit amount will be
Approximately 70 million Americans will see an 8.7 percent increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. According to the Social Security Administration, on average, Social Security benefits will increase by more than $140…
Are there trade-offs to Medicare Advantage plans?
How does Medicare open enrollment work? The open enrollment period allows people already on Medicare to switch to a different plan that suits their needs better or add prescription coverage to their existing plan. Should you enroll in a Medicare…