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How much you will get from Social Security?
To predict one’s monthly Social Security benefit is far from an exact science, and tougher the further one is away from retirement. But this U.S. News piece notes everyone should know the basics on how benefits are calculated and what retiring…
Why Some Seniors Shouldn’t Claim Social Security at 70
Waiting until age 70 to start collecting monthly Social Security checks will yield one the highest possible dollar amount for life. Experts almost always stress delaying until this age if possible. But should everyone wait? Maurie Backman explains the virtues…
The Top Twelve 401(k) Mistakes to Avoid
In this very instructive article, Selena Maranjian of The Motley Fool explains how 401k plans can allow workers the opportunity to build tremendous wealth. But 12 mistakes must be avoided at all costs. Read here for more detail from the list…
Americans need to be schooled on how to build a nest egg
Maurie Backman reports on survey results from TD Ameritrade that show most adults aged 40 to 79 give themselves a C or lower on the progress they’ve made building their nest eggs. This same survey found that 32% of Americans in their 40s…
Who is at risk of retiring broke?
Katie Brockman explains the three legged stool of pensions, savings, and Social Security benefits as the key to a secure retirement. Unmarried women over 60 are most at risk for “having no legs” on that stool and thus face a…
Social Security changes in 2020
While the law has not changed, a few automatic and technical changes went into effect on January 1, 2020 related to Social Security. Brittany De Lea of Fox Business News summarizes them in this piece. Congress appears to be ignoring…
Don’t forget the “catch up contributions” if age 50 or older
As Maurie Backman reports in this piece, most retirees will reply on a combination of Social Security benefits and retirement savings to cover bills once they stop working. Social Security will replace only 40% of pre-retirement income for the average earner. But most seniors…
This Social Security Perk Starts to Drop
Patience pays when it comes to Social Security, but it will pay just a bit less starting in 2021. As Dan Caplinger explains in this piece, 2020 is the last year of full retirement at age 66. Full retirement climbs…
Millions of Seniors Can’t Even Afford the Basics
Katie Brockman cites a recent study from the Center for Social and Demographic Research on Aging that roughly half of adults over age 65 who are living alone can’t afford to pay for their basic necessities. The culprit may be over reliance…
Social Security Benefits Following the Latest COLA
Sean Williams of The Motley Fool explains what the 1.6% cost of living adjustment (COLA) announced last October and that took effect in January 2020 actually means for folks. The average retired worker will bring home about $284 extra for this calendar…