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A Social Security hybrid plan could help more people save for retirement
Numerous studies show Americans are not saving enough for retirement. At the same time, the Social Security Trustees report insolvency will occur in 2034 or 2035, with 20% or more benefit cuts across the board for all recipients. What then…
Non-savers most likely to retire broke
Katie Brockman acknowledges saving for retirement is not fun and tough work. The key to being successful in saving is to change your mindset about it. Rather than thinking of it as something to be done when you have extra money, she says…
Proceed with caution before starting Social Security benefits at 63
Maurie Backman of The Motley Fool states unequivocally that if you file for Social Security at age 63 with a full retirement age of 66, you will lose about 20% of your monthly benefit amount. Filing at 63 with a full…
The 13 Things You Probably Didn’t Know About Retirement Savings
John Iekel summarizes testimony given by Andrew Biggs, resident scholar at the American Enterprise Institute, to the House Budget Committee on May 15, 2019. Biggs’ list of “facts, figure and ideas” were enlightening not just to members of Congress but retirement professionals as…
A primer for accessing Social Security on-line
John Bair explains how to access your Social Security information from the Social Security Administration (SSA) in this short piece in The Legal Examiner. For starters, the SSA’s Retirement Estimator gives users an estimate based on their actual Social Security earnings record. …
Taking Social Security at age 62 necessary for some people
Selena Maranjian of The Motley Fool notes that despite what experts say about delaying Social Security benefits, there may be instances where it makes sense to claim benefits at age 62, despite the permanent reduction. She mentions three. One, it…
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…