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8 Tips for Retiring Comfortably on Social Security Alone
Experts try to remind the public often that Social Security replaces just 40% of pre-retirement income. In other words, not only can you not live on it, but it was never designed for that purpose either. It’s but one pillar…
Americans Think Social Security Will Let Them Down
Maurie Backman reports on Northwestern Mutual’s 2020 Planning & Progress Study that found 20% of U.S. adults aged 18+ think it’s unlikely that Social Security will be there when they’re ready to claim it. Indeed, the unemployment caused by the ongoing pandemic…
Avoid Shrinking Your Social Security Check
Christy Bieber notes that Social Security is the most important source of income for retirees, and thus one should not make this mistake that will permanently reduce monthly benefit checks for life– failing to work the maximum years. Social Security…
Stimulus Update– A Moving Target
Seniors, like most Americans, are watching the current stimulus talks carefully between both houses of Congress and The White House. Retired seniors have arguably been affected much less than others in the case of job losses and pay cuts. The talks had…
Push Yourself to Delay Social Security as Long as Possible
It might seem mind-numbing when reading advice on when to claim Social Security benefits. This one fact remains true, however– Social Security is designed to pay you the same total lifetime benefit regardless of when you initially file. Of course that assumes…
The Best Reason to Take Social Security Long Before Age 70
The literature often seems near unanimous on Social Security– wait as long as possible, even until age 70, to start benefits in order to maximize them for life. But as Katie Brockman reports here there’s one key reason you should consider…
How to Find Out How Much You’ll Get From Social Security at 62
Claim benefits at age 62 and forget about it. That’s what Americans seem to believe despite articles and advice that shows claiming then or at any age before full retirement age (now 67 for most) results in a permanent lifetime cut…
Should You Delay Retirement Due to the Pandemic?
According to Northwestern Mutual’s 2020 Planning & Progress Study 20% of adults aged 18 and over now plan to delay retirement because of the Coronavirus pandemic. Maurie Backman explains the study and whether it is right for you. The answer depends on…
Declining Faith in Social Security and Medicare
Paul Brandus of MarketWatch reports results of a study by MedicareAdvantage.com. More than 1,000 adults in their 20s, 30s, 40s and 50s. were surveyed. Key findings include: 1) ‘70% believe Social Security benefits will be cut or even eliminated by the time they retire’; 2)…
3 Mistakes That Could Sabotage Your Social Security Benefits
Katie Brockman notes three blunders that should be avoided when it comes to Social Security. According to a survey by the Nationwide Retirement Institute about 20% of baby boomers say Social Security benefits will be their only income source in…