Social Security
Why take the risk?
You can start receiving your Social Security benefits as early as age 62; however, if you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age. That small percentage could add…
Surprised With Your Low Social Security? You’re Not Alone
Social Security benefits only replace 33 to 55 percent of the average earnings for American workers. Social Security is the largest source of income for most beneficiaries and some, their sole source of income. With the current economic conditions, you…
Social Security Updates Occupations List Used in Disability Evaluation Process
The Social Security Administration announced it has updated the occupations list used in the disability evaluation process. “It makes sense to identify occupations that now exist in very limited numbers in the national economy,” said Martin O’Malley, Commissioner of Social…
Generation X is particularly nervous about retirement finances
As the first Generation X members near retirement age, they have become concerned about retirement finances. Although the older generations had pension plans, Generation X workers were the first generation of workers to have 401(k)s as their financial savings tool…
Here’s the average age retirees claim Social Security
You can start receiving your Social Security retirement benefits as early as age 62; however, you are entitled to full benefits when you reach your retirement age. If you delay taking your benefits from your full retirement age up to…
Social Security is facing a cash shortage
The Transamerica Center for Retirement Studies recently reported that 88 percent of baby boomers expect to rely on Social Security in retirement. However, Social Security will be insolvent in just 11 years, forcing benefits to be cut by nearly 17…
Older Voters & Social Security: New poll results
Lorie Konish of CNBC explains the looming insolvency of Social Security and then notes it is an “up for grabs” issue for both parties in the 2024 election. Support on this issue is essentially tied between Democrats and Republicans. Konish…
The $600 Payment & COLA Scams Gain Traction. Experts Warn Watch Out.
Social Security scams are hardly new, though the level of sophistication is increasing. Jason Collins reports that the Social Security Administration (SSA) is coming out swinging on the latest one time $600 payment scheme. He notes the agency was receiving…
Yes. Social Security Retirement Age Should Be Raised
Rachel Greszler, a Senior Research Fellow at The Roe Institute, makes the case for raising Social Security’s full retirement age to 69 or 70 as a way to stave off insolvency. When the program was enacted, life expectancy at birth was 61…
Actuaries state Social Security cut will be $325/mo starting in 2033 without changes
That’s right, for the average Social Security recipient, benefit cuts of $325 per month begin in 2033 absent reform, according to the head actuaries for Social Security and Medicare, who testified before a House panel last week on the two safety net…