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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…
3 Easy Ways to Avoid Social Security Regrets
Christy Bieber’s piece here explains the importance of making sure you have both supplementary savings and a Social Security benefit that provides as much income as possible. The two together are required to achieve an adequate or better retirement. One key is…
Nearly half of Americans expect to retire in debt
According to a survey by the personal finance site Magnify Money, 46% of all Americans expect to be in the red when they retire. Jessica Dickler of CNBC analyzes what this means in this piece. Americans, of course, are no strangers to debt,…
Generous Social Security Raise? Beware Medicare.
Maurie Backman notes some key points related to what seniors will face come January 2022 regarding Social Security and Medicare. Medicare Part A is free for most enrollees, but Part B comes with monthly premium that aren’t set in stone. In…
Why $1 Million Is No Longer Enough
Gabrielle Olya’s piece here addresses how much people will need to have a secure retirement. Social Security replaces just 40% of pre-retirement income– not nearly enough to address anything beyond basic needs. The key point of this article is that…
3 Signs You Should Start Claiming Social Security in 2022
When to start Social Security benefits is one of the most common questions seniors ask. It’s equally difficult to answer too, as there is no one size fits all answer. Katie Brockman notes some people are better off claiming earlier in life,…
What Happens to Social Security Benefits When One Dies?
Vance Cariaga addresses a common question about benefits after one’s death. In short, funeral homes contact the Social Security Administration, though individuals are ultimately responsible for doing that. Any benefit paid after the month of the person’s death needs to be…
Average Social Security Benefits in 2022
Maurie Backman explains the average Social Security benefit per person and per couple as well as why one might care about those figures. Of course any one person’s or couple’s monthly amount is dictated by lifetime earnings and whether and for…