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Estimating the COLA for 2025
With the release of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for January, the Social Security cost-of-living adjustment (COLA) estimates have begun. The Senior Citizens League estimates it at 1.75 percent, but the Congressional Budget…
What to do if will not receive Social Security
Almost 65 million Americans received Social Security benefits in January 2024. However, about 3.5 percent of the total population aged 60 or older never receive Social Security benefits. If you are one of those individuals, there are ways to maintain…
Will you depend on Social Security
According to a recent Gallup poll on Social Security, for individuals still working, only 34 percent stated their Social Security benefits would be the major source of income in their retirement; however, almost 60 percent of the current retirees said…
The importance of starting young
If you could go back in time, what advice would you give your younger self about retirement? A recent Nationwide survey found almost two-thirds of respondents said they would start saving for retirement sooner rather than later. Why? Many people…
What waiting to 70 to begin your benefits means
We all have seen the articles that say the average benefit at 70 as of 2022 was $1,938.49 per month. However, that doesn’t tell the whole story. The group of 70-year-olds includes people who claimed Social Security at different age…
One easy move to increase your Social Security benefit
One question the majority of people ask financial experts is: How can I maximize my Social Security benefit? There are ways that do not require you to hold a high-paying job or work two or three jobs; there is an…
Ex-spousal Social Security benefits
Researchers at Bowling Green State University found that gray divorcees tend to be less financially secure than married and widowed older adults. The poverty level for gray divorcees is about 19 percent, compared to almost three percent for married seniors…
Claiming your Social Security benefits sooner than later
Most financial experts advise not to file for your Social Security benefits until you have maximized your benefit, usually at age 70. You max out your benefit by earning delayed retirement credits that will boost your monthly benefit by eight…
Eliminating federal tax on Social Security benefits?
Could eliminating federal tax on Social Security benefits be soon? Yes, if You Earned It, You Keep It Act (H.R. 8717) passes by both the House and Senate and then signed by the President to become law. However, this is…
Are you “unretiring?” Know how that will affect your Social Security
Age 62 is the most popular age to claim Social Security benefits, probably because those who have paid into the program for their entire life want to start reaping the rewards of doing so. However, especially with inflation pacing at…