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Don’t count too much on Social Security
We all know that Social Security will not replace your former paycheck. Social Security will generally replace 40 percent of your pre-retirement income if you are an average earner, less if your income is above average. Today, the average Social…
What is Supplemental Security Income?
Social Security benefits are available to you if you worked long enough to meet the eligibility requirements. However, there is another set of benefits that the Social Security Administration pays out: Supplemental Security Income program. This program is designed to…
Trump proposes Disability reform for 4th time
Sean Williams goes back through all of President Trump’s budget proposals and notes he has tried to reform the Social Security Disability program (SSDI) in each one. The president focus has been on perceived inefficiencies with SSDI. A sizable chunk of the…
A costly mistake for many women
The Center for Retirement Research (CRR) at Boston College has found that women are more likely than men to start their Social Security benefits ahead of their full retirement age (FRA), now 66-67 depending on birth year. Christy Bieber reports in this piece…
Ease Into Retirement and Work Out the Kinks
In this interesting piece Maurie Backman suggests a phased-in retirement. By cutting back working hours gradually people save themselves the sudden shock of going from a full time schedule to no schedule at all. This idea also allows and opportunity ro reassess…
More on Bloomberg & possible Social Security cuts
Will he or won’t he cut Social Security? Jon Schwarz writing for The Intercept seems to think so as he reviews the former mayor’s record. Schwarz analyzes the Bloomberg presidential campaign’s official proposal for Social Security and retirement. That the plan leaves open…
Beware: Some Social Security Tips Could Do More Harm Than Good
Katie Brockman discusses familiar territory in this piece by stating people should try to maximize their Social Security benefits, as they will be what sustains people in retirement by keeping them out of abject poverty. But she cautions those who don’t expect to…
Don’t Put Off Retirement Planning Until Your 40s
Kailey Hagen’s message here to folks who might wait to save is to not do it. You give up valuable years of compound interest by stalling and thus make a decent retirement tougher. According to a study from the Empower Institute,…
Beware these 4 Social Security “land mines”
Maurie Backman cautions those getting ready to start Social Security retirement benefits to avoid making any of the following four mistakes: 1. Not knowing your full retirement age (it is now 67 for most folks); 2. Not understanding what goes into your benefits…
Many Americans Have Zero Retirement Savings
It’s a shocking truth– 35% of Americans have no money set aside for retirement at all, according to a FinanceBuzz survey released in January 2020. The belief that Social Security benefits will take care of folks leads people to not save, but those monthly…