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3 Social Security Moves to Make if You’re Married
Katie Brockman notes that married people may be entitled to more Social Security income than they think. First, she says people need to find out if they are entitled to spousal benefits. Second, they need a claiming strategy, such as…
How to claim Social Security at the right time
Robert Powell of MarketWatch has a fabulous, comprehensive piece here about claiming Social Security at the right time. Age 62 is the right time for just a select few, but misinformation and impatience accounts for so many taking reduced benefits then. …
The Ousting of Commissioner Saul & a Recent Supreme Court ruling
Erich Wagner of Government Executives analyzes the stunning firing of Donald Trump’s Social Security Commissioner Saul by President Biden. Saul enjoyed protection from removal, like a number of top bosses at government agencies, except for “good cause.” But apparently the…
A 6% Social Security COLA Could Be a Double-Edged Sword
Josephine Nesbit of Yahoo Finance suggests not getting too giddy about a possible 6.2% increase in Social Security benefits in just over four months. Medicare premiums will also be going up, eating into any increase. And as Patrick Hubbard, research associate…
WARNING: Social Security insolvency coming in just eight years!
Brett Arends of MarketWatch has an op-ed that suggests the insolvency date for Social Security is barreling toward us sooner than expected. The official report from the Trustees is late this year but is due out within weeks. Arends cites one…
Boomers are Retiring. Have They Saved Enough?
Living on Social Security alone is a tough slog, as the program replaces a mere 40% of preretirement income. Maurie Backman explains that following the well known 4% rule and starting with $202k is still likely not good enough. That total…
Social Security Basics: What You Need To Know In 2021
David Rae of Forbes has a piece here that covers all the essentials for Social Security, which as he puts it is often people’s largest retirement asset. These topics are given some detail in the piece: Marital Status Could Impact Your…
Delay taking Social Security until age 70? No thanks says author.
While the consensus view is wait as long as possible, even to age 70, to start Social Security benefits, Juan Fourneau of MarketWatch proudly advocates for the contrarian view. He notes he never got to meet his grandparents because they died…
Pandemic Speeds up Retirement for Many
According to The New School’s Schwartz Center for Economic Policy Analysis, nearly 2 million more people than expected have joined the ranks of the retired in the Covid-19 pandemic. Andrea Hsu of NPR profiles two workers in this piece. Hsu notes…
Relying too heavily on Social Security could come back to haunt you
Maurie Backman stresses that amassing a large savings account is the best way to stave off financial difficulty in retirement. She provides detail on these three harsh realities of the program: 1. Those benefits won’t come close to replacing your former…