Social Security
Ask yourself these three questions
Social Security is the largest source of income for most beneficiaries, replacing only 33 to 55 percent of earnings for the average worker. So, it is essential to make the most of your benefits. Katie Brockman suggests you ask yourself…
Why are more individuals starting Social Security
In April, more than 72 million Americans collected Social Security benefits, according to the Social Security Administration’s monthly statistical snapshot, an increase of 195,000 from March. Why the increase? Is it because more individuals reached 65 and older, or is…
A Common Social Security Myth Explained
One of the most common and perpetual myths is that Congress stole money from Social Security. Although there are many reasons why Social Security is having financial woes at this time this is not one of them. Please read this…
Help boost the amount of your monthly check
A recent Gallup poll found that 59 percent of retirees said their monthly Social Security check is their leading source of income. So, achieving a higher monthly benefit is essential to many seniors. But what if you were many Americans…
Is it worth it to take early retirement?
We all dream of early retirement, but what if someone told you the financial benefits of working just one year longer? Would you do it? Or would you say, I want to retire; I’ve been working for forty years. Jordan…
The two problems with COLA
The Social Security Administration calculates the COLA by comparing the average of the CPI-W for July, August, and September of the previous year with the average for the same three-month period in the current year. The percentage change is the…
Ask Rusty – Shocked Because Medicare Increase Results in Loss of Social Security Benefits
Dear Rusty: My wife and I have taken a Social Security “Cut” — no 3.2% raise for us, due to something called “IRMAA,” based on our income. We actually took, together, a $400 a month cut. As far as I…
Repealing WEP and GPO…More Legislative Push
In a post on asppa-net.org, the American Society of Pension Professionals & Actuaries provides a recap of actions in two states–Alaska and Louisiana–advocating for repeal of Social Security’s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) based on the…
Underscored: The Importance of Understanding Claiming Strategies
In situations where married couples have a disparity in their ages and, therefore, in their strategy options for claiming Social Security benefits, it becomes critical to know the rules. ThinkAdvisor reporter John Manganaro offers a quick recap of a situation…
Supplemental Security Income (SSI) Rule Changes Explained
Social Security Commissioner Martin O’Malley recently announced changes to SSI eligibility rules scheduled to take effect September 30, 2024. The rule change makes several eligibility changes, including expansion of the “households” definition and removal of barriers preventing acquisition of benefits…