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Who earns the max $4,555 Social Security Benefit? Not many.
Adam Levy explains that you need to earn a high salary at or above that year’s earnings cap for 35 or more years to max out Social Security benefits. Add to that, you must delay your benefits claim until age…
How Not to Run Out of Money in Retirement
It’s a fear many retirees have. Indeed, Maurie Backman states you’re at risk of depleting your savings no matter how much money you have at the start of retirement. Backman suggests three things. One, establish a safe withdrawal strategy. Two,…
Hardship withdrawals on the rise
Some people can’t make it until age 62 to begin Social Security. Chronically high inflation means more Americans are making emergency withdrawals from their 401(k) retirement plans to pay for everyday necessities. Megan Henney of Fox Business explains it all in this…
What Happens to Social Security Benefits in 10 Years?
Yes. Benefits will be cut across the board for all is the answer to what happens to Social Security benefits in 10 years. Still, it’s not a foregone conclusion Congress would allow that, though to date it has shown little…
Best Argument to Start Social Security 62
It’s a familiar refrian from most financial experts and gurus– wait to claim Social Security, and the longer the better. But Katie Brockman makes the case for claiming at age 62, the earliest age. One, you don’t have to bet…
Still Working? Beware Claiming Social Security Early
Maurie Backman notes 62 is the earliest age to claim Social Security, and indeed more people claim at or near that age than at any other time, even though the highest benefits are paid to those who wait until age…
Retiring Abroad and Social Security
Marc Rapport answers the question asked by more Americans each year: will retiring abroad impact my Social Security payments? The answer is “generally, no.” Cuba, North Korea, and a number of the Asian “STAN” countries are exceptions. The author notes…
Claim at Age 70 for this reason
Maurie Backman explains one can claim Social Security at any age between 62 and 70, though a majority opt for the earliest age. But patience can pay dearly, as the highest benefit available is for those that claim at 70.…
Claiming Early? Beware the Retirement Earnings Test
Age 62 is the most common Social Security claiming age, even though it brings with it a permanently reduced benefit for life. Still, many claimants choose to also continue working. But wages are subject to the retirement earnings test, a…
Why Most Women Will Get a Smaller COLA Boost than Men
To begin, neither Social Security administrators nor the law itself is biased against women. But women will get a smaller cost of living adjustment (COLA) than men in January 2024. Why? It’s actually simple, according to Kailey Hagen. Women earn…