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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…
Key Indicators that it’s time to claim Social Security
Most financial advisors will tell you that you should delay as long as reasonably possible to claim your Social Security benefits. After all, the longer you wait (up to age 70) the higher your monthly Social Security payment will be,…
Debate: what should the retirement age be?
Lori Konish notes that more Americans are expected to turn 65 through 2027 than in any time in history. Despite the ‘silver tsunami,’ the correct age to retire is still in question. While age 65 is often thought of as…
Average Ages for Social Security Claims and Monthly Benefits
Just what does the average Social Security recipient get and when do people generally begin claiming? Adam Levy reveals retirees are receiving an average check of about $2,174.86 in 2024. The average age retirees claim Social Security benefits has increased…
What Are “Never Retirees?”
Maurie BAckman cites recent TIAA data that finds one in seven Americans don’t plan to retire. The big reason boils down to a lack of financial preparedness. She posits this question: “What if instead of pushing yourself to retire at…
Social Security Benefits On Death of Spouse Explained
Trevor Jennewine takes a fairly deep dive into retirement, spousal, and survivor benefits here. A recent survey from Nationwide Retirement Institute found that 44% of adults were unaware that, upon the death of a spouse, the surviving spouse would inherit…
Two Ways Congress Might Change COLAs
Trevore Jennewine gives a primer here on cost of living adjustments (COLAs); he notes seniors rely on this benefit increase each January to keep pace with rising prices on goods and services. But is the current formula working? Adjustments are…
One Big Social Security Decision Can Hurt Seniors Financially
Maurie Backman covers the neverending dilemma seniors face about when to begin Social Security benefits. For most Americans, there appears to be little to decide. Age 62 is it, and then you forget about it further. But that decision can…
How Much Income Will Social Security Replace?
Kailey Hagen addresses the question that many retirees have about income replacement. Social Security was designed to replace about 40% of pre-retirement income, which means it falls far short of being income one can live on. But for some, income…