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What the average senior couple will receive in 2022
According to the Social Security Administration, the average monthly Social Security benefit in 2021 was $1,565, which will increase to about $1,657 due to the 5.9 percent COLA increase scheduled to go into effect next year. So, the average couple…
Don’t be in the dark about Social Security
Social Security has been around almost a century, and many people still don’t know about the program. The Social Security program has over 2700 rules, but you don’t need to know all of them. But there are some rules about…
Don’t get too excited about your larger Social Security checks
The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Increased payments to approximately 8 million SSI beneficiaries will begin on December 30, 2021. Although you may be…
Brief History of Social Security
Peter Suciu, a Michigan based writer, contributes an interesting piece here in The National Interest. In August 1935 President Franklin Roosevelt signed the Social Security Act into law. It created a program that would pay monthly benefits to retired workers starting at…
Squeeze an Extra 24% Out of Social Security
Selena Maranjian reminds readers that Social Security is a vital program for older Americans that lifts nearly 10 million people out of poverty and provides 50% or more of retirement income for more than a third of older beneficiaries. There are multiple…
The 5 Biggest Social Security Changes on the Horizon in 2022
Christy Bieber notes that in 2022, Social Security will look different than it does this year. While no change in the law occurred, updates and technical changes due to inflation mean every household needs to be prepared for the changes, as it’s…
Social Security office reopenings bring opportunities and challenges
Mark Miller of Reuters reports Social Security field offices will at last open on January 3, 2022 after a 20 month closure due to the pandemic. A network of more than 1,200 field offices, which provide assistance on retirement and Medicare claims were…
Plan to Claim Social Security at 62 — Even if Hoping to File Later
Maurie Backman states unequivocally that your Social Security filing age could have a huge impact on your financial standing in retirement. Delaying benefits until full retirement age or even age 70 yields the highest monthly permanent payout for the rest of one’s life. …
Patience is key to getting more from Social Security
Maurie Backman reports here how the majority of Americans rush to claim Social Security as soon as they are eligible at age 62. While not a bad choice for all, she explains how that is absolutely not the way to…
These 3 Things Could Mess Up Your Retirement Plans
Could Social Security cuts ruin your retirement plans? It’s possible. But that’s just one of three things that could wreck havoc. Social Security will reach insolvency by 2034 and thus only be able to pay about 76% of promised benefits. Congress…