Social Security
Beyond just the 1.6% Social Security raise
David Rae, writing in Forbes Magazine, explains how the 1.6% cost of living adjustment was derived by the Social Security Administration two weeks ago and what it means to the average recipient. Rae cites data from the Labor Department, showing the…
Will you get what Social Security promises?
Liz Weston of The Chicago Tribune explains how people can access information on what they can expect to receive in future Social Security benefits. But there are imperfections with Social Security projecting what one’s benefit will be years from now. Weston notes…
Earn More in 2020 and Keep Your Social Security Benefits
The most common age for people to claim Social Security retirement benefits is 62. Many of these folks still keep their jobs and decide to supplement their income by claiming their Social Security. While you don’t have to stop working to…
Banking on Social Security alone in retirement? Fuggedaboutit!
Maurie Backman’s piece here notes that seniors who have incomes from several sources in retirement will no doubt be unaffected by the paltry 1.6% cost of living adjustment just announced for 2020. But too many seniors do rely solely on…
Turning 62 in 2020? Social Security Will Pay You Less.
In 1983 Congress and President Reagan agreed to changes to make Social Security solvent for the longer term. One change that did achieve this end was increasing the full retirement age from 65 to 67 in two month increments over…
2020 to bring seven changes to Social Security
While Congress has not changed the law relative to Social Security, the Social Security Administration nonetheless releases a “Fact Sheet” every October. This provides updates on everything from what beneficiaries will be paid in the upcoming year to what it takes to…
Social Security & The Restricted Application
Tom Hager, writing in Forbes, provides a primer on Social Security’s restricted application. Its purpose has always been to allow a qualifying spouse to collect spousal benefits only, while deferring their own worker benefit up to age 70 if they wish, thus…
Three Social Security Myths and How They Can Cost You
Social Security is one of those topics that just seems to attract “experts”…that is, outspoken sources of opinion and rhetoric comprised mostly of myths and misunderstandings. There are the basic untruths, like “The politicians stole all the money!” and “Illegal…
“Fixing” Social Security–Understanding the “Raise the Cap” Approach
You’ve heard it before, and you’ll hear it again: “Just eliminate the Social Security payroll tax cap and the solvency problem goes away.” In fact, you’re hearing it right now via deliberations on HR-860, “The Social Security 2100 Act” now…
7 Reasons Sen. Warren’s Social Security Plan Will Fail
Sean Williams of The Motley Fool takes aim at Sen. Elizabeth Warren’s (D-MA) plan to increase beneficiary payouts by $200 a month, or $2,400 a year. Her plan would also update a number of rules, and set minimum monthly benefits at 125%…