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“Long COVID” and Social Security Disability Insurance (SSDI)
Social Security Disability Insurance (SSDI) benefits are notoriously difficult to get, with about 2/3rds of all SSDI applications being initially denied by the Social Security Administration (SSA). Further, as a result of imposed cost efficiency mandates, the wait time to…
Social Security Never Meant To Be Sole Source of Retirement Income
There’s little question that Social Security is a very important part of America’s retirement scene, with about 50% of households aged 65 or over relying on Social Security for at least half of their retirement income. Indeed, Social Security accounts…
Benefit Replacement and Bend Points Explained
How much pre-retirement income will Social Security replace? That may be the most important question one should ask before starting benefits? Adam Levy covers that issue and shows a chart. The general answer is around 40%, though it’s less of…
Biggest Benefits Change in Over 40 Years Coming in 2023
There has been no substantive change in the law as it pertains to Social Security, and none is expected in 2022. Yet next year will bring a major change, namely the highest cost of living adjustment (COLA) in 40 years.…
Should COLAs Be Calculated Differently?
Inflation data is currently used to calculate Social Security raises. But advocates say there’s a better way that could prevent seniors from losing buyer power. Maurie Backman summarizes their arguments in this piece. The main argument is to move from…
Taxes on Your Social Security Income
Income tax is due on Social Security benefits in many cases, though it is a surprise to many seniors. The Social Security Administration (SSA) estimates that about 56% of beneficiaries will need to pay some amount of taxation on their…
Five Things Gen Z Should Know About Social Security
Generation Z is the demographic cohort succeeding Millennials, born roughly between 1997 and 2012. Ashleigh Ray notes that, while the group is far from retirement, they should know these five things about Social Security: wait to collect it (until age…
A near 11% raise is not out of the question
The non-profit Committee for a Responsible Federal Budget (CRFB) is estimating a 10.8% cost of living adjustment (COLA) for Social Security recipients for 2023. Adam Hardy summarized the group’s outlook in this piece. CRFB also explained what the Federal Reserve…
Social Security Max benefits? Good luck getting them
David Nadelle of Yahoo Finance notes the average monthly Social Security benefit is $1,657 per month. That is $2,538 less than the maximum monthly benefit $4,194. Those lucky enough to score that amount will receive $50,328 a year, quite the…
Delaying Social Security Can Sometimes Cost You
it’s a common refrain from financial experts– delay Social Security, until age 70 if possible. The strategy makes sense for most, but not all, as Christy Bieber covers in this piece. Spousal benefits do not increase beyond full retirement age.…