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What to watch for if claiming Social Security after full retirement age
“It pays to wait” is the oft repeated line from experts on Social Security, yet just 4% of folks delay collecting until the maximum age of 70. As Maurie Backman notes, you can start retirement benefits at any age beginning at …
Here’s How Social Security Spends $1 Trillion a Year
Where did the $1 trillion spent by the Social Security Administration (SSA) in 2018 go? Before answering this, Sean Williams points out that the federal government spent $4 trillion overall, meaning monthly benefit checks are 25% of the entire federal budget. …
3 Reasons Social Security Isn’t as Great as You Think
While it is vitally important for millions of Americans, particularly as an anti-poverty program for seniors, Maurie Backman takes readers through some of the flaws in the Social Security program. First, benefits may be reduced in the future, as demographics and…
Comfortable retirement is easier than most think
The best retirement plans start with a budget to estimate revenues and expenditures according to Katie Brockman of The Motley Fool. Budgeting is essential to prevent overspending. She explains how to calculate the typical expenditures and includes Medicare-related costs people generally…
Understanding Medicare Fundamentals
Medicare is, of course, America’s premier healthcare plan for senior citizens. So why are so many people confused about the Medicare program which they will undoubtedly rely upon at some point in their life? Well, there are a lot of…
Here’s a Retirement Savings Roadmap
Saving for retirement can be one of the most daunting of goals, especially if you’re not sure of whether where you are is anywhere near where you should be at your age. Obviously if you’re younger you have more time…
The Saga of One Man’s Online Social Security Experience
Social Security has been steadily evolving to provide more and more online services. This initiative was started years ago as the internet gained prominence among America’s seniors, and it continues today as the SSA strives to become more and more…
Your 2019 Social Security Income Statement
Social Security mailed your annual statement to you in January, to use for reporting your Social Security income to the Internal Revenue Service when you file your income taxes. But, if you have misplaced that SSA-1099 (or SSA-1042S) it’s really quite…
Defined contribution retirement account owning individuals particularly appreciate the saving and investing components
According to new research from the Investment Company Institute (ICI), most Americans are confident defined contribution retirement accounts can help people meet their retirement goals even among individuals who did not hold either DC accounts or IRAs. The research found that 76…
The financial services industry is a top target for scammers
Although the number of consumers affected by identity fraud has declined, hackers are targeting retirement and loan accounts more frequently, according to the 2019 Identity Fraud Study from Javelin Strategy & Research. Data breaches have become common in recent years providing…