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You don’t necessarily have to wait to claim your benefits
You can begin your Social Security retirement benefits as early as age 62. However, if you start receiving benefits early, your benefits are reduced by up to 30 percent than your full retirement age monthly benefit. Most financial experts advise…
The maximum Social Security benefit is out of reach for all but a few workers
In 2024, the highest Social Security retirement benefit for an individual starting benefits is $4,873 per month, according to the Social Security Administration. But how many people achieve the maximum Social Security benefit? In reality, very few Americans will claim…
Don’t claim Social Security early for the wrong reasons
According to a report by the Employee Benefit Research Institute, almost half of the U.S. households will run short of money in retirement. Another report found only 18 percent of Americans retired with enough money to maintain their standard of…
Average Benefits at Ages 62, 66, and 70
The Social Security Administration (SSA) publishes anonymized beneficiary data throughout the year. Trevor Jennewine published the SSA’s chart showing data from a recently updated biannual report (Dec 2023) with the average Social Security benefit for retired men and women aged…
What calculations go into determining your Social Security benefits?
Everyone gets a different monthly amount for Social Security, leading many to wonder, “Why do I get what I get?” Kailey Hagen explains in detail the Social Security benefits formula that is used to calculate your primary insurance amount. The…
Retirement is the ‘third half’ of life
Graham Webb and Isabelle Lebbe writing in FORBES state, “The idea of retirement as envisioned by our parents is undergoing a radical change. Once viewed as the last chapter before death, it has now morphed into an intermediate phase that…
Retiring Abroad? Beware the Drawbacks
Kailey Hagen notes three basic points in this piece about retiring outside this country. One, your tax situation will be more complicated if you retire abroad because you’ll likely owe taxes in two countries. Two, the Social Security Administration pays…
Increasing Social Security’s Full Retirement Age Could Hurt Today’s Workers
Maurie Backman notes there is increasing interest in increasing the full retirement age, now 67 for those born 1960 or later. That is not surprising, as that reform avoids the benefit cuts now or the tax increases now option. The…
Some People Don’t Have To Pay Social Security Taxes
It’s true. There are four groups of people that are not required to pay the either the 6.2% employer or 6.2% employee side Social Security payroll tax. Ashley Donohoe covers the groups in this piece. They are: 1. Eligible Student…
Should You Cash In Your Home’s Equity?
With Social Security replacing a mere 40% of pre-retirement income, a common question that comes up is whether homewoners should cash in some equity to make ends meet. John Wasik of FORBES address the question. Home values have soared,and if…