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You’ll regret delaying your Social Security claim in this situation
Many financial experts advise against claiming your Social Security benefits early since it’s financially advantageous to wait until 70 to start collecting your maximum benefit. But there are some circumstances where you may be better off claiming your benefits as…
Rely less on Social Security and more on your own savings
According to the Social Security Administration, if you retire at age 70 in 2022, your maximum benefit could be $4,194. However, the average Social Security beneficiary will receive a monthly payday of $1,657. Although most of us will not receive…
Working in retirement
Earning more money is always a good thing, except if you are retired and collecting Social Security. But how can earning a higher-income paycheck possibly hurt your Social Security income? Christy Bieber outlines two key ways being a high earner…
When the best-laid plans to file at 70 go awry
Most financial experts will tell you to wait until you are 70 to file for your Social Security benefits to maximize your benefits; however, the decision to delay Social Security may not be an option for you. Health issues may…
How tapering can help Social Security’s return on investment
How will the Federal Reserve’s taper plans affect Social Security Trust Funds? First, tapering is shorthand for a gradual end to the massive bond-buying program the Federal Reserve unleashed in early 2020 when the pandemic crashed the economy. The Federal…
Compare Your Benefit to Social Security’s Maximum
Christy Bieber reports that in 2022 Social Security’s maximum monthly benefit will be $4,194. But few earn that amount, as it would entail earning at or above the maximum wages taxed for 35 or more years AND waiting until age…
Social Security Underperforms Other Investments
Brett Arends of MarketWatch reports the Social Security Trust fund earned only 2.5% on each dollar invested last year, compared with a stellar year in financial markets where the S&P 500 index rocketed 29%, international stocks 11%, real estate trusts…
Raiding Retirement Savings is a Costly Mistake
Christy Bieber explains the importance of retirement savings, including 401k plans, as a necessary supplement to Social Security, which only replaces 40% of pre-retirement income. A recent study from the TransAmerica Center for Retirement Studies noted over 1/3 of workers have…
1 in 5 Americans Are in for a Shocking Social Security Surprise
There is a very harsh reality about Social Security benefits that 20% or more of future retirees just don’t comprehend. In short, payments are more meager than people realize, replacing a scant 40% of pre-retirement income. Many Americans are overestimating the…
Don’t Necessarily Claim Social Security As Soon As You Retire
When to retire and when to start Social Security benefits are two of the most important life decisions one can make. Maurie Backman notes they need not be made simultaneously, however. Backman notes you can begin Social Security monthly benefits…