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Boosting your Social Security benefit
Among elderly Social Security beneficiaries, 21 percent of married couples and about 45 percent of unmarried persons rely on Social Security for 90 percent or more of their income. Unless you enter retirement with a large amount of savings, you…
Should you rely solely on Social Security to fund your retirement?
Based on the latest projections, the Social Security Trust Fund will run out in 2032. Social Security will still be able to pay benefits; however, this means a further reduction in benefits for most people who claimed their benefits earlier…
Living a purposeful retirement
Most retirement experts concentrate on the financial side of retirement, but there is a lot more to retirement than just money. That is why according to certified financial planner Barbara O’Neill, “most adults don’t want a life of pure leisure;…
It’s never too late to save for retirement
It is never too early or too late to start planning for retirement. If you are part of the latter category, there are some steps you can take to jump-start your retirement planning. Diane Mtetwa’s article for the Motley Fool…
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. …