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What are your options to maximize your benefits after you’ve started receiving Social Security
You have started to receive your Social Security benefits but decided that you should have waited; what can you do now? You do have a few options. If you have been collecting Social Security for less than one year, you…
Opting out of the workforce affects future Social Security benefits
Lorie Konish of CNBC explains how the number of people who have opted out of the workforce for whatever reason during the COvid-19 pandemic are poised to receive drastically lower monthly Social Security benefits later in life. Women will be…
Millions Don’t Know This Key Social Security Fact
Social Security is so vitally important to the roughly 66 million who collect monthly retirement benefits. But Christy Bieber cites a recent survey conducted by Nationwide, noting just 54% of people are aware what percentage of their income will be replaced by Social Security. …
Covid still delays Social Security benefit applications and new cards
Laurie Konish of CNBC cites a new report from the Social Security Office of the Inspector General which finds that the agency is still behind with regard to processing some mailed applications and requests for Social Security cards. Offices shuttered in March 2020, but unprocessed…
Retiring on $18k a year? That’s all the average retiree gets
Social Security was never meant as a sole source of income for a fruitful retirement. Christy Bieber reports that the average Social Security benefit is just $1,507 per month, or $18,084 per year. Bieber notes Social Security shouldn’t be your…
What’s the Highest Social Security Benefit One Could get?
Maurie Backman notes that if you’re filing for Social Security in 2021, the maximum benefit you can collect is $3,895 a month, which is $46,740 in annual income. This would make for a fairly comfortable lifestyle, if only most could get that sum. …
Act as if Social Security is Running Out of Money
Maurie Backman explains that in a literal sense Social Security is not running out of money. That is, it is false to say that benefits will end some day soon. But, it is true, that benefits will be slashed across the…
3 Ways to Supplement Social Security in Retirement
Diane Mtetwa reminds folks that Social Security replaces barley 40% of pre-retirement income. To avoid living on such a strict fixed income, she notes three ways people can supplement their Social Security payment in retirement. They are: 1. Work part-time or contractually; 2. Save…
Social Security: Insurance or investment?
Both, and it depends are the answers to whether Social Security is an insurance plan or an investment. Mike Causey, a senior correspondent for Federal News Network, looks at the issue here. In a nutshell, those who like to delay as…
3 Social Security Facts That Might Surprise You
Christy Bieber notes that it’s important to comprehend some basic facts about Social Security but to also realize the program’s limitations. Specifically she emphasizes these three key points: 1. Full retirement age is no longer 65; 2. Some of your benefits could…