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Will we see these changes to Social Security?
The Social Security Trust Fund reserves have a projected depletion date of 2035. After the depletion of Trust Fund reserves, continuing tax income would be sufficient to pay 80 percent of scheduled benefits in 2035. Will this happen, or will…
What you need to know before you unretire
According to recent research conducted at the Indeed Hiring Lab, 1.5 million retirees or over three percent have unretired and reentered the labor market over the past year, a continuation of a trend that started early last year. “The soaring…
Big COLA Coming – What You Need to Know
Kailey Hagen acknowledges that seniors are poised to get a large cost of living adjustment (COLA) effective in January 2023. But she cautions against calling it a raise, as folks only keep pace rather than get ahead of inflation. Hagen…
Reality of Social Security often Different Than Perceptions
Christy Bieber seeks to educate folks here on three facets of Social Security, which she calls “unpleasant surprises,” that many may not know. One, the program replaces far less pre-retirement income than people think (about 40%), and thus virtually no…
Can you get a mortgage with only Social Security income?
Yes is the answer to being able to obtain a mortgage with only Social Security income. So says Molly Grace , a reporter at Insider. Grace notes one’s overall financial situation is key. In some cases, a lender might be…
Snagging That Coveted Social Security Max Benefit over $4,000
Maurie Backman notes the absolute maximum one can get per month from Social Security is $4,194. But very few get or ever will receive that sum. Why? It takes earning the maximum for all 35 years or more of one’s…
Should We Be Worried About Social Security?
Maurie Backman takes on “the sky is falling” which runs rampant in the literature regarding Social Security’s long term financial health. Backman admits, “Things aren’t looking great, but all isn’t lost.” Benefit payments now exceed incoming revenue, a trend that…
Mixing Social Security & Veteran Benefits
Georgina Tzanetos notes military members have been covered by the Social Security system since 1957. There is generally no reduction of Social Security benefits because one receives military retirement benefits, as there is for certain municipal employees via WEP and…
Could a Record 2023 COLA Increase Backfire on Seniors?
Dawn Allcot explains how cost of living adjustments (COLAs) are computed, and notes consensus forecasts of a 10.5% adjustment for 2023 would put an extra $175+ in the pockets of retirees, based on the average benefit of $1,668 per month.…
The New Trend – Retiring Later & Working Longer
Trina Paul of CNBC reports that a jittery stock market and record high inflation are combining to keep seniors in the workforce longer, thus pushing retirement further away. She also notes people are living longer and retirement costs are far…