savings
You don’t necessarily have to wait to claim your benefits
You can begin your Social Security retirement benefits as early as age 62. However, if you start receiving benefits early, your benefits are reduced by up to 30 percent than your full retirement age monthly benefit. Most financial experts advise…
Don’t claim Social Security early for the wrong reasons
According to a report by the Employee Benefit Research Institute, almost half of the U.S. households will run short of money in retirement. Another report found only 18 percent of Americans retired with enough money to maintain their standard of…
Retirement Crisis: Over half of Americans 65+ are earning under $30k per year
Juliana Kaplan, writing in Business Insider, summarizes a new report from Sen. Bernie Sanders, Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee. It looks at the bleak future facing some older Americans and those who hope to retire someday.…
You Cannot Live on Social Security Alone
The disparity is huge – the maximum Social Security benefit for 2024 is $4,873, while the minimum 2024 SS benefit is a mere $50.90. And it sure would be a lot easier to live on the higher amount than the…
Social Security: The power of delaying
In simplistic terms, the earlier you claim Social Security the smaller your benefit will be; the longer you wait to claim the higher your monthly payment. Reduced SS retirement benefits can be claimed as early as age 62, and your…
Struggling financially? Here’s how to get help with your Medicare costs
Medicare is not free. Even if you qualify for premium-free Medicare Part A (inpatient hospitalization coverage), there are still copays and deductibles involved. And Medicare Part B (coverage for outpatient healthcare services) always carries a monthly premium ($174.70 for 2024),…
The Survey Says: Save More for Retirement!
Surveys have become the standard way to determine how different groups view specific topics. As reported in this article, a recent survey found that a large majority of retirees regret they didn’t save more for their so-called “golden years.” Surprising?…
Hope for the Best; Plan for the Worst
According to a recent survey, 41% of older Americans believe that Social Security won’t exist in its current form for their entire retirement. Probably not an unusual statistic, considering the media attention lately given to Social Security looming financial issue.…
How is the Buying Power of your Social Security benefit?
Social Security’s annual Cost of Living Adjustment (COLA) is intended to help recipients keep pace with inflation – but does it? The historic 8.7% increase in 2023 and the more moderate 3.2% COLA increase for 2024, were, without question, welcome…
Can You Live on 40% of your Income?
The answer, of course, is likely not. Reality is that Social Security, an integral part of nearly everyone’s retirement plan, was intentionally designed to replace only about 40% of your pre-retirement income. And for many, especially those with higher income…