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4 Reasons Social Security Might Pay You Less
Over 63 million Americans collect Social Security benefits, but many do not get their full due because of mistakes they have made or misunderstandings about the rules. Maurie Backman explains four ways your benefit could get reduced. First, you file…
Low COLA forecast for 2021
Brace yourself. The good news of $1.00 per gallon gas translates to a bad summation of overall inflation. And that means Social Security recipients are likely looking at less than a 1% cost of living adjustment (COLA) for 2021. The announcement is still…
Too many Americans lack an understanding of Social Security
Social Security is a complex program for sure, but Katie Brockman details some stunning results from a recent MassMutual report. Researchers asked a series of 12 true-false questions regarding Social Security to Americans age 55-65 who had not yet started claiming benefits. Results…
Retire early, if you can
It may be mind numbing to try to figure out when to retire with so many experts saying to either wait as long as possible or to grab Social Security benefits the moment you’re eligible at 62. What should one…
The CARES Act Could Affect Your Jobless Benefits
Christy Bieber explains four broad areas related to unemployment compensation in the recently passed stimulus bill. First, many could get an extra $600 per week through July 31. Second, many could get an extra 13 weeks of benefits if they remain…
More should consider taking Social Security at age 70
A majority of Americans eligible for Social Security retirement benefits begin taking monthly payments at age 62, the earliest age possible. It’s likely many do not know they could wait until age 70. The payoff for waiting is huge. Kailey Hagen…
Personal finance 101, including Social Security
Social Security is not a retirement plan, as it replaces just 40% of pre-retirement income. That’s but one of four very important personal finance points in this Motley Fool piece by Catherine Brock. The other points are these: budgeting is…
The CARES Act and tapping your 401k
Christy Bieber cautions against knee-jerk reactions such as withdrawing or borrowing from a 401k to make ends meet during this pandemic. However, she discusses relief for Americans who may need to do either in the recently passed CARES Act. Those who need to…
Americans struggle with Social Security claiming age rules
Stated simply– the age you begin claiming monthly Social Security benefits will affect how much you receive for the rest of your life. But too few Americans understand that. As Katie Brockman points out in this piece, just 3% of participants could…
Social Security and the More Subtle Impact of COVID-19
It doesn’t take a lot of deep thought to recognize the relationship between Social Security’s well-known solvency problem and the more immediate impact of stunning workforce casualties of the coronavirus pandemic. With about a tenth of the entire workforce filing for…