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One financial writer says age 64 may make most sense to start benefits
The Social Security Administration explains that, “If you live to the average life expectancy for someone your age, you will receive about the same amount in lifetime benefits no matter whether you choose to start receiving benefits at age 62,…
Just where does retirement income come from?
Social Security is the biggest source of income for retired Americans with the average monthly benefit per retired worker (not household) at just under $17,000 a year, or $1,412 per month. Social Security and income from private and government pensions provide about 50% of the…
Seniors stand to benefit with legislation moving through a key House committee
The House Ways and Means Committee is the origin in Congress of all bills related to taxes. In addition bills that touch Social Security and Medicare begin with hearings here. This past week, the Committee approved a package of 11…
Couples need better communication on Social Security & retirement
A Fidelity couples retirement study finds a stunning failure of communication between spouses when it comes to retirement. Despite the fact that anyone can fund out his or her future benefits on Social Security’s website, 60 percent of couples and 49 percent of…
Social Security Reserves Being Depleted. Action needed now.
Sean Williams notes that in 2034, Social Security’s trust funds are projected to be exhausted. But that is all the more reason Congress and the president should address the looming shortfall sooner rather than later. Failure to act will mean…
Five Social Security Myths Debunked
To younger workers, it has become almost urban legend to say things like, “I’ll never get a dime from Social Security. It’ll be broke by then.” But that is patently false. In this easy to understand and important three minute…
Women & Social Security: A Closer Look at Gender and Retirement
Marguerita Cheng looks at the issue of women and Social Security in this FORBES article. Because of child rearing, women often spend fewer years in the workforce. Similarly more work part-time as compared to men. Even women who do work full-time (35+ hours…
Social Security Will Survive – A Reality Check
Russ Wiles updates his column here noting that reports and polls showing decreased confidence in Social Security are not entirely founded in reality. He notes that benefit cuts will indeed occur if no action is taken by Congress before 2034, the…
Will my Grandchildren get Social Security? Yes, but…
Perhaps it goes back to a Pew Research Center survey that asked Millennials whether they believed Social Security would be there to provide them a benefit at retirement, and a majority (51%) said no. Or perhaps it is the yearly Trustees…
Retirement planning: Starting age as important as value of assets
Mitch Goldberg addresses retirement by suggesting it’s more important to know the age one wants to retire and work backwards from that point. Life expectancy for women is now over 80 and about 79 for men, more than 15 years higher than…