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Scam continues and cost grows
According to the Federal Trade Commission, there have been close to 73,000 reports on the “Your Social Security number has been suspended” scam in the first six months of 2019, with $17 million in reported losses. Cody Miller writes the informational piece in…
Underestimating Retirement Healthcare Costs a Dangerous Mistake
While Americans often overestimate the Social Security benefits they will one day receive, many underestimate what their health care expenditures will be. According to data cited by Nationwide, the average pre-retiree aged 50+ expects healthcare in retirement to cost $7,000 a…
Suburban mom loses $20,000 to Social Security scam
Contributor John Matarese tells the story of how a suburban mom was convinced in a phone call to withdraw $20,000 from her bank accounts and then purchase Target gift cards. The card numbers were then read to the caller over the…
Rep. Ted Yoho says Social Security Disability reform needed now
Rep. Ted Yoho (R-FL) penned an op-ed in The Hill calling on Congress to tackle the solvency and efficiency of the Social Security Disability Insurance program (SSDI). Yoho calles the program flawed, as nearly 50% of the factors used in determining program…
Don’t Hurt Your Social Security Benefits Without Realizing It
Social Security replaces only about 40% of pre-retirement income, yet 20% of married couples depend on their monthly checks for at least 90% of their income, according to the Social Security Administration (SSA). Katie Brockman points to three things you could that could be hurting your…
3 Surprising Social Security Rules You Should Know About
Maurie Backman notes just how important Social Security is to people– 21% of married couples and about 45% of unmarried seniors today depend on the program to provide 90% or more of their income. Here are three lesser known rules: 1. You…
Five reasons to take Social Security at 67
For those born in 1960 or later, age 67 is their full retirement age. Sean Williams of The Motley Fool lists five reasons why age 67 just might be the perfect age to claim benefits. They are: 1. You’re guaranteed…
You’ll Get Social Security Wrong Unless You Do This
Dan Caplinger’s piece here addresses an economic concept many ignore when trying to determine when to take Social Security — “money you get sooner is worth more than money you get later.” One can claim benefits as early as 62 or…
Social Security Replaces Less of Your Income Than You Think
“I don’t have to save much for retirement. I’ll get Social Security.” That has been the thinking of Americans for decades, but it’s naive because Social Security was never designed to live on. It’s a piece of an overall retirement…
A 2% Social Security COLA for 2020? “Fuggedaboutit”.
Dan Caplinger of The Motley Fool does not see even a 2% cost of living adjustment (COLA) for Social Security recipients to be announced this October for 2020. He notes it would take a huge run up in September prices for…