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The messy math of Social Security spousal benefits
Jim Blankenship’s piece here reminds readers that Social Security goes beyond just what people have earned over their lifetime of paid employment, especially when it comes to married couples. Quite often there is a significant difference in the lifetime earnings records for two married people. …
Are You on Track for the Max Social Security Benefit?
The maximum Social Security benefit is currently $3,895 per month which equates to almost $47,000 annually, and that’s not including any spousal or family benefits their relatives qualify for. That would make for a comfortable retirement for nearly all who could…
Will Social Security recipients get a 4th stimulus check?
There has always been a whisper through the summer and now it is getting louder that there might be a fourth stimulus, perhaps even just for seniors. The idea of another $1,400 being sent to seniors is being advocated by…
What happens if you don’t work 35 years for Social Security?
This brief piece by Oli Povey has a number of links where folks can click to calculate their benefits. In short, you only need 10 years of work to be eligible to receive Social Security benefits. But, your benefit is based…
How to Beat the Average Monthly Social Security Benefit
Did you know the average Social Security benefit is $1,559 per month? Selena Maranjian notes no one has to settle for that amount though. She suggests strategies for increasing one’s monthly benefit. Key to this is working longer and/or delaying benefits,…
What Do Most People Actually Earn From Social Security?
James Brumley is out with a great piece here that explains and shows graphically what people earn from Social Security each month. The piece is based around the fact that the average is about $1,559 per month. As he notes,…
What It Takes to Receive Social Security’s Max Monthly Benefit?
Who wouldn’t want $3,895 per month in Social Security benefits? That’s the maximum under current law for 2021. But how does one get that amount? Josephine Nesbit’s piece here notes that over 65 million Americans receive Social Security benefits, and…
7 Changes to Social Security in 2022
Every year several changes take effect in mid October as the Social Security Administration announces the cost of living adjustment for beneficiaries. Thresholds likewise change for a number of items as Sean Williams notes in this piece. Note, there is…
How does your age affect your Social Security benefits?
The misconception about Social Security is going broke, and you should claim your Social Security benefits at 62 is false. The fact is as long as workers and employers pay payroll taxes, Social Security will not run out of money.…
Will a giant raise result in taxes on your benefits?
Social Security beneficiaries will be receiving the largest cost-of-living adjustment (COLA) in 40 years. The 5.9 percent increase will take effect in January 2022, giving some seniors a necessary boost to their income to keep up with inflation. However, there…