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Why some may need to rethink waiting until age 70 for Social Security
Maurie Backman explains why it’s financially best to wait until age 70 to collect Social Security benefits. It’s simple, really. Waiting until the maximum retirement age of 70 maximizes the monthly benefit one will receive for the rest of one’s…
Supplemental Security Income explained
Christy Bieber explains Supplemental Security Income (SSI), a plan low income retirees may need if Social Security alone plus other savings is not enough. SSI is a means-tested, or income based program, as per below, for low-income retirees, the blind,…
10 Social Security Rules Everyone Should Know
U.S. News dives deeper to explain each of these ten Social Security Rules to Remember: Most workers contribute a 6.2% payroll tax; earnings that exceed $137,700 in 2020 aren’t taxed by Social Security; thirty-five years of earnings are factored into your Social…
Another stimulus check? Most likely NO.
Any talk of a second round of stimulus checks is likely wishful thinking, as the Senate is not even poised to vote on The HEROES Act passed by the Democrat House. Extending enhanced unemployment benefits by six more months, as…
Is another 0% raise in the offing?
David Rae writing in Forbes reviews how the Social Security cost of living adjustment (COLA) is calculated. He admits it is too soon to know for sure what it will be, as the announcement will not come until mid October. …
What about never retiring?
As crazy as it sounds, a recent report from the Transamerica Center for Retirement Studies found that a stunning 68% of baby boomers note they plan to continue working past age 65 or never retire at all. Katie Brockman reviews the findings, the…
3 Great Reasons to Take Social Security Benefits at 62
Christy Bieber reviews the conventional wisdom on waiting to take Social Security benefits until at least full retirement age rather than at age 62 to avoid early filing penalties that make for permanent reductions. She notes, though, that the penalty might…
Why You May Wind Up Relying More on Social Security in Retirement
Katie Brockman cites a recent report from the Transamerica Center for Retirement Studies showing that U.S. workers as a whole have saved just $50,000 for retirement. Among baby boomers, who are in the midst of retiring, the median worker only has about $144,000 stashed…
The Numbers Don’t Work Relying on Social Security Alone
Experts have been trying to get the message out for decades that it is nearly impossible to live on Social Security alone. Indeed, the program was never even intended as such. It’s supposed to be part of a three-legged stool…
Tap Retirement Savings Or Start Social Security?
For those between 62 and 66 it is an especially tough time if one has suffered financially due to Covid-19. Steve Vernon writing in Forbes argues to leave Social Security and 401k plans/IRAs alone and exhaust every other possible option such…