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Exploring the Social Security “Bankruptcy” Myth
It’s like the itch that just won’t stop itching, or the song lyric you just can’t get out of your subconscious mind. It’s something you just keep hearing over and over, usually in the context of “the sky is falling”…
Social Security Increase Likely Next Year
If you were to believe the headlines, those on Social Security are poised to get the highest Cost of Living Adjustment (COLA) in about 40 years, with some pundits suggesting over 11%. That, of course, is based on the currently…
The survey says: Most Don’t Understand Social Security
Mass Mutual (an insurance provider) conducts an annual survey and quiz which tests the Social Security knowledge of survey participants. The most recent quiz tested 1,500 individuals in the key demographic age 55 to 65 who had not yet claimed…
Beginner’s Guide to Social Security
In this highly insightful article, the Executive Director of the AMAC Foundation explains that retirement is very much a journey, not just a destination. Social Security was intentionally designed to represent only a portion of your retirement income (40% at…
Boosting Your Retirement Nest Egg
It’s pretty well known that your monthly Social Security payment isn’t enough to live on comfortably. In fact, Social Security was never intended to be one’s sole source of income in retirement, and many beneficiaries get, at most, only 40%…
All About Working While Collecting Early Social Security Benefits
It catches a lot of people by surprise, but if you claim your Social Security benefits before reaching your full retirement age (FRA) and continue to work, Social Security imposes an earnings limit which, if exceeded, will result in some…
The Elusive Maximum Social Security Benefit
Yes, there is a maximum Social Security retirement benefit, but don’t interpret that to mean that you can actually earn a higher benefit than you will be paid – you can’t. The so-called maximum Social Security benefit, which for 2022…
Maybe You Shouldn’t Wait Until Age 70 to Claim Social Security
Sure, waiting until you are 70 years old to claim Social Security will mean a monthly benefit up to 77% more than it would be at age 62. But the reality is that many people, for a variety of reasons,…
Your Lifetime Earnings Record, and How It Affects Your Social Security Benefit
Many don’t realize that their lifetime earnings history is used to compute their Social Security benefit – specifically, the highest earning 35 years of earnings you’ve had over your lifetime. Your earnings in those years are adjusted for inflation, totaled…
You May Get a Smaller Social Security Benefit Than You Expect
What do you expect to get from Social Security? Most will probably say they have no idea, but nearly everyone will say they want to get the most possible. Regardless of how close you are to actually retiring, it would…