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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…
A Sad Reason to Claim Social Security at 62
Experts will often tell you it matters not when you take Social Security because taking it early means drastically lower checks but more of them. Claiming later yields a substantially higher monthly benefit, but fewer checks overall due to the years…
5 Common but Avoidable Retirement Mistakes
Maurie Backman cautions seniors not to steer clear of five retirement blunders, in order to avoid spending their golden years as unhappy and/or financially strapped. She states do NOT, 1. Claim Social Security at the wrong time; 2. Underfund your IRA or 401(k);…
Social Security Strategies to Increase Your Monthly Checks
According to the Social Security Administration about 1 in 5 married couples and close to half of unmarried individuals rely on their monthly benefit checks for at least 90% of their income in retirement. With benefits only replacing 40% of pre-retirement…
Can a Higher Wage Cap Save Social Security?
Currently the first $137,700 in earnings is subject to the 12.4% Social Security payroll tax (split evenly between employees and employers). All of the Democrat candidates suggest increasing it, and The Social Security 2100 Act working its way through the…
Replacing Income in Retirement
A general rule of thumb is people will need 70 to 80 percent of pre-retirement income to adequately fund their golden years. But with Social Security replacing only 40 percent, the rest must come from savings, pensions, or 401k withdrawals. Christy…
Social Security–Understanding the Basics
The results of a recent SimplyWise survey quiz recapped by Ginger Szala, executive managing editor of Investment Advisor magazine, in a ThinkAdvisor post suggests that very few folks can accurately answer basic questions about their Social Security benefits. The five-question…
The Importance of Having “The Talk” With Parents
It’s difficult, certainly, but the sooner children have a discussion with their parents about the financial aspects of retirement the better prepared everyone will be when the calendar carries them to the point of entering that “golden age.” This article…
Social Security Launches New Campaign to Fight Scammers
(Source: Social Security Administration) Recently, we launched a new Public Service Announcement campaign as our latest step to caution you about the ongoing nationwide telephone impersonation scheme. The videos feature a message from our Commissioner, Andrew Saul. Along with our Office of…