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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…
Prepare for Social Security NOT to be Enough on Which to Retire
Keith Speights of The Motley Fool makes a few key points in his argument that Social Security alone is not enough for most in retirement. The most important move is to save as early and as much as possible. He…
Does Claiming Benefits at 62 and Investing Them Make Sense?
While most advisors say one should delay Social Security as long as possible (up to age 70) to gain the maximum benefit, Mark Blank says a strategy of grabbing benefits as early as possible (age 62) and investing them should…
Key Moves To Make While Working for Higher Social Security Benefits
Who doesn’t want a higher Social Security monthly benefit? But waiting until you collect benefits leaves almost no room to gain a higher payment. Maurie Backman explains there are steps one can take while still working, however. Because your highest…
Upcoming Social Security changes that could benefit some yet cost others
No substantive change in law is expected by Congress with regard to Social Security this year. Yet some changes occur automatically each January 1st, mostly as a result of inflation. Maurie Backman forecasts a robust cost of living adjustment (COLA),…
Working in Retirement? The Good and Not so Good
Stefon Walters explains that many people want to work during the first phase of retirement. Citing the statistic that $315,000 is required for a 65 year old couple to pay health expenses in retirement, one can see why many choose…
How to Obtain Social Security’s Maximum Benefit
People often wonder what the maximum Social Security benefit is. The answer is $4,194 per month for 2022. But how does one get that? Kailey Hagen notes quite truthfully that few people would ever qualify. Why? One must work 35…
Social Security’s Future Not as Bleak as May Seem
It is true that the Social Security system is under strain, as folks live longer and families have fewer children. The program’s trustees regularly note that benefits will be slashed automatically by about 23% in just over a decade. But…