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“SSI” vs. Social Security retirement or “SSDI” benefits
Social Security certainly can be a confusing program, with over 2800 rules codified in over 100,000 SSA website pages. Then add in that the Social Security Administration also administers other assistance programs on behalf of the federal government, and the…
How much will your Social Security benefit be?
The average retiree actually gets a benefit likely much smaller than you think. Many believe that after contributing to Social Security for an entire lifetime, they will be able to retire in financial comfort, but the reality is much less…
Speculation about COLA for 2025
Admittedly, it’s way too early to say with certainty what next year’s Cost of Living Adjustment (COLA) for Social Security will be. COLA is, after all, based on inflation as measured in the 3rd quarter (July – September) of each…
Important information for those new to Social Security
After a lifetime of working and approaching age 62, you might start thinking about applying for Social Security. After all, you’ve worked your entire life, contributing to the program, and feel entitled to start reaping the monetary fruits of your…
Hard fact: Social Security must be reformed
To listen to candidates for federal office these days, one would get the impression that just leaving Social Security alone is a viable path forward. But it’s not, according to this sobering assessment by a Congressman speaking at a South…
Retirement planning – What can go wrong?
Your retirement plan is in place, but is there an iceberg in your path? Have you stress-tested your plan to ensure that it can withstand any unforeseen obstacles? Is there danger lurking ahead simply because you haven’t considered and planned…
Applying for Social Security? Here’s what you need to know
Applying for your Social Security benefits usually is part of a huge step in your life – retirement. And although many who are thinking about finally claiming their hard-earned Social Security payments, they are also uncertain about where to start.…
What is the best age to claim Social Security?
It’s something of an age-old question but, curiously, one where the reality of when most people claim seems to conflict with the optimum age for them to do so. This Nasdaq article by Motely Fool’s Katie Brockman explains that while…
Want to be happy in retirement?
Retirement can be scary and lonely for some people; however, it does not need to be. According to the latest MassMutual Retirement Happiness Study, the happiest retirees were prepared financially and invested in their health and social connections prior to…
Hardship withdrawals are on the raise
The state of the economy has prompted some individuals to withdraw from their retirement savings accounts. In 2023, almost four percent of workers took hardship distributions from their 401Ks. Although most people think this is a short-term solution, it does…