seniors
So you made a filing mistake, now what
You can begin your Social Security benefits as early as age 62. However, you will receive a permanent reduction in your monthly benefit amount. The reduction is based on the number of months you claim benefits before reaching your full…
The Case for Lifetime Income
Although retirement savings have grown, most systems still leave individuals to manage the risk of outspending or outliving their savings on their own, according to the “The Case for Lifetime Income” research paper by the Prudential/Global Aging Institute. “Retirement security…
Shifting away from saving to spending in retirement
Retirement planning is not always about hitting a specific number, but it’s about creating certainty. “For decades, retirement planning has centered on reaching a specific account balance, but as clients near retirement, that benchmark often fails to address a more…
Will the 2027 COLA be bad news for retirees
Social Security’s COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year to the third quarter of the current year. It will…
When to claim your Social Security matters
Claiming Social Security at age 70 allows you to receive the maximum monthly benefit, boosted by delayed retirement credits accrued after full retirement age. However, is this the right decision for you? Jennifer Taylor, writing for GOBanking Rates, explains how…
Is claiming Social Security 65 right for you
You can apply for Social Security retirement benefits starting at age 62, with the option to delay until age 70 to increase your monthly payments. Filing at age 62 results in a permanent reduction of your monthly benefit compared to…
Debt relief strategies may protect your Social Security
The number of seniors in debt has been on the rise, with 97 percent of Americans aged 66 to 71 carrying an average non-housing debt of over $11,349. Carrying debt into retirement can feel overwhelming for those on a fixed…
What working one more year could do
Your Social Security benefit is based on your highest 35 years of earnings, adjusted for wage growth, and calculated using a formula that produces your Primary Insurance Amount (PIA), which is then adjusted for your claiming age. Even if you…
Estimates for the 2027 COLA increase
Based on the March’s consumer price index data, Social Security experts have issued an estimate of the 2027 cost-of-living adjustment (COLA). COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers…
Taxes and Social Security
Social Security income may be federally taxable, depending on your income. This catches many retirees off guard, especially since the passing of the One Big Beautiful Beig Act, which includes tax deductions for seniors. Marc Guberti, writing for GOBankingRates, explains…