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Be weary of claiming Social Security too soon
Americans are eligible to claim Social Security retirement benefits as early as age 62. But that decision comes with a cost, specifically reduced monthly benefits for life. A recent survey suggests the average age current retirees begin collecting is now 62. In this article…
Using Social Security as sole source of income is problematic
According to a new report by the Employee Benefit Research Institute 59% of retirees are using Social Security as a major source of income. However, as Maurie Backman of The Motley Fool notes, the program was never intended to be a retiree’s sole…
What does the average Social Security check buy? Not as much as you think.
With the average Social Security benefit at just over $1,300 per month, Michael Keenan lists a number of interesting things that such an average benefit would buy. Among them are an apartment to live for under $1,000 in 20 cities, including…
Most Americans don’t know three essential facts about Social Security
Christy Bieber of The Motley Fool summarizes a new Nationwide survey that stated 76% of older adults didn’t know what their full retirement age was. Further, 52% didn’t know that Social Security provided income for life, and 60% failed to grasp that Social Security was…
What filing for Social Security benefits “on time” means
Selena Maranjian of The Motley Fool describes “on time” as filing for Social Security benefits at one’s full retirement age, which can be 66 or 67 depending on birth year. She also describes early filing and late filing and more…
The myth of living on Social Security income alone
Be concerned when you hear someone minimizing the importance of saving for retirement because they note they are going to get Social Security. A recent survey from Nationwide found 26% of older adults believe they can rely on Social Security as their only source of funds to live comfortably in…
“File and restrict” and maximizing benefits
Tom Margeneau notes that he gets no other question more often from people than in the category of, “how do I maximize my Social Security benefits?” In this piece he addresses “file and restrict.” In short, that procedure allows someone who…
The myth of Social Security’s total demise
It’s going broke. It won’t be around much longer. Hurry up and grab what you can. Those are among the many misnomers about the Social Security program that have been around for a few years now. They are all untrue. …
Social Security’s ills no reason to rush to claim early
Social Security’s long term financial health is indeed in peril. But claiming benefits early is not a good solution for an individual to make because it permanently reduces monthly benefits by up to 30% for the rest of one’s life. …
Low birth rate threatens both Social Security and Medicare
The U.S. is in the midst of a baby bust as the birth rate hit a 32-year low in 2018, down 2 percent from the year prior. This could spell trouble for the programs like Social Security and Medicare on which older Americans rely. That is because…