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Social Security Benefits On Death of Spouse Explained
Trevor Jennewine takes a fairly deep dive into retirement, spousal, and survivor benefits here. A recent survey from Nationwide Retirement Institute found that 44% of adults were unaware that, upon the death of a spouse, the surviving spouse would inherit…
Two Ways Congress Might Change COLAs
Trevore Jennewine gives a primer here on cost of living adjustments (COLAs); he notes seniors rely on this benefit increase each January to keep pace with rising prices on goods and services. But is the current formula working? Adjustments are…
One Big Social Security Decision Can Hurt Seniors Financially
Maurie Backman covers the neverending dilemma seniors face about when to begin Social Security benefits. For most Americans, there appears to be little to decide. Age 62 is it, and then you forget about it further. But that decision can…
How Much Income Will Social Security Replace?
Kailey Hagen addresses the question that many retirees have about income replacement. Social Security was designed to replace about 40% of pre-retirement income, which means it falls far short of being income one can live on. But for some, income…
What changed in 2024 for Social Security?
Stefon Walters covers a few changes that occurred, most automatically due to existing law, as there were no new federal enactments by Congress. The wage base increased such that now the first $168,600 is subject to payroll tax (from $160,200…
Retiring? Read these 10 action steps
Retirement planning can be daunting, but the SmartAsset team has 10 ways that can help you feel a lot more confident and actually properly prepare. This was published on Yahoo Finance. 1. Calculate How Much Money You Need to Save;…
Think Beyond Social Security: A New Table to Review
James Brumley notes the average Social Security retirement benefit payment for 2024 is $1,907 a month. The Social Security Administration’s benefits calculator indicates that individuals now cashing monthly benefit checks around that figure probably earned inflation-adjusted income (in today’s dollars)…
Should You Take Social Security At 62?
“Grab it and go” is the norm for a majority of Americans, as they enroll in Social Security at age 62, the earliest possible age. But is that wise? John Wasik of FORBES Magazine covers that topic here. He concedes,…
The Unwanted Side Effect of the 2023 Social Security COLA
Keith Speights covers the so-called “COLA Hangover” facing may seniors this tax season. The 2023 cost of living adjustment was 8.7%, and while welcomed then to offset rising prices, it is creating tax havoc on many now. The thresholds for…
Social Security’s Income Inequality Problem
Sean Williams notes demographic changes are primarily responsible for Social Security’s rapidly growing unfunded obligations, as people live longer and fewer workers contribute payroll taxes. Also, a larger percentage of earned income is escaping Social Security’s payroll tax than ever…