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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…
Biden & Sanders clash on Social Security
Social Security hasn’t been part of the stump speeches of the Democrat candidates very often this season, but Bernie Sanders and Joe Biden have come to heads about comments Biden apparently made in the past. Biden’s team accuses Sanders of doctoring a video…
Understanding the SECURE Act
Since its becoming law on December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) has drawn many questions from the public, specifically in terms of how individuals are affected. BBB Education Foundation columnist Melissa Ramsey, in…
The Most Important Factors That Determine Your Social Security Payout
As one approaches the decision point on when to file for Social Security benefits, there are several key factors that come into play. Three of these–how many years you worked and how much you earned–are pretty much unchangeable at that…
It’s the New Year…Time to Review Your Financial Protection Mechanisms
Just like taking stock of your physical condition and making that vow to improve yourself in the year ahead, it’s essential at this time of the year to take a good luck at your financial condition. BBB Education Foundation columnist…
A Quick Review of 2020 Social Security Changes (Including the SECURE Act’s Implications)
Several of the key Social Security parameters are changing in 2020, and Robert Powell, TheStreet’s Retirement Daily editor outlines them in this post on www.usatoday.com. His article also explains some of the aspects of the SECURE Act implemented in December, 2019 and…
Understanding the “Retirement Red Zone” and How to Navigate Through It
The “retirement red zone” is described by Anthony Adenikinju of Impact Partners in a post on Forbes.com as “the five-year period before retirement and the first five years during.” It’s not just a period of time…it’s a period of time during…