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Stop Worrying About Social Security Going Broke
Christy Bieber explains one should not lose any sleep over Social Security going bankrupt. It is not, as there will always be workers paying taxes into the system, just not enough workers. Thus the program is headed for insolvency, but that…
Make These 3 Retirement Moves Now
Christy Bieber notes a number of moves seniors can make to achieve a richer retirement. They include claiming tax breaks for retirement savings like IRAs and 401k plans and even the saver’s credit. Two is minimize your retirement tax bill. Three is maximize your…
Two Ways Retirees Could Lose Some of Their Social Security Raise
Christy Bieber explains that seniors may not be keeping as much of the 5.9% cost of living adjustment that goes into effect on January 1, 2022 as they might think. Medicare premiums are going up too. Also, with an average…
What Retirement Income Looks Like if You Only Have Social Security
Maurie Backman notes many seniors rely heavily on Social Security to cover their expenses. But she notes that if you don’t have income outside of those benefits, you will likely struggle to make ends meet. The average benefit of $1,559 per…
New Social Security Bill on COLA, WEP, and more
Rep. John Larson (D-CT) announced he will introduce Social Security 2100: A Sacred Trust this week on the heels of last week’s news that the Cost-of-Living Adjustment (COLA) will be 5.9% for 2022, the highest increase in 40 years. The bill would do a number of…
The expected $92 average “raise” is less than many will actually keep
Seniors were pleased to hear a cost of living adjustment (COLA) of 5.9% is on its way effective January 1st. But the largest increase in 40 years is due to rampant inflation. The bump up to someone earning the average benefit…
5 Ways to Score a Higher Social Security Paycheck
Christy Bieber points out that savings and income from Social Security will make up most people’s two pillars in retirement. She suggests five things one can do to maximize Social Security income. 1. Climb the career ladder, as 35 years are…
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…