Social Security
Elizabeth Warren & Social Security
Senator Elizabeth Warren’s Social Security plan is out, and though it has not been “scored” by actuaries, one estimate is that it would extend the life of the Social Security Trust fund by only 20 years. That is far short of…
Five reasons to take Social Security at 67
For those born in 1960 or later, age 67 is their full retirement age. Sean Williams of The Motley Fool lists five reasons why age 67 just might be the perfect age to claim benefits. They are: 1. You’re guaranteed…
You’ll Get Social Security Wrong Unless You Do This
Dan Caplinger’s piece here addresses an economic concept many ignore when trying to determine when to take Social Security — “money you get sooner is worth more than money you get later.” One can claim benefits as early as 62 or…
Managing Multiple Social Security Benefits
That Social Security is a complex program is hardly news. Christy Bieber’s comprehensive article here takes readers through the four types of benefits: retirement, spousal, disability, and survivors’ benefits. The article explains how each benefit is calculated. It is possible to qualify…
Social Security Replaces Less of Your Income Than You Think
“I don’t have to save much for retirement. I’ll get Social Security.” That has been the thinking of Americans for decades, but it’s naive because Social Security was never designed to live on. It’s a piece of an overall retirement…
A 2% Social Security COLA for 2020? “Fuggedaboutit”.
Dan Caplinger of The Motley Fool does not see even a 2% cost of living adjustment (COLA) for Social Security recipients to be announced this October for 2020. He notes it would take a huge run up in September prices for…
Social Security: Why Cutting Benefits Is a Necessary Evil
Sean Williams explains that the long term sustainability of Social Security must be addressed soon. One way to do this is to bring in more revenue, either by raising the payroll tax from its current combined 12.4% on employees and…
Social Security for Dummies
The yellow “For Dummies” books were a mega hit in the early 1990s. People loved the way complex topics and issues were explained in easy to understand English. Now enter Social Security, a complex and widely misunderstood program. Having taught high school…
Americans Are Clueless About Social Security’s Filing Rules
Citing a recent survey by GOBankingRates where nearly 40% of respondents thought they could file for Social Security retirement benefits at age 60, Maurie Backman states it is imperative for folks to get schooled on the program’s filing rules. This piece explains…
Certain Debt Can Reduce Your Social Security Benefits
As Katie Brockman reports in this article, some of your Social Security benefits might be withheld if you get behind on certain types of loans. Most creditors, such as credit card companies and loan agencies, cannot go after Social Security benefits. But for…