Social Security
About Supplementing Your Social Security Income
Social Security was never intended to be the sole source of income during retirement; rather, Social Security was developed to be a poverty-avoidance benefit. At most, Social Security will only replace about 40% of the average monthly income you were…
Ask Rusty – Will Withdrawing from 401(k) Affect My Social Security?
Dear Rusty: My full retirement age (FRA) is 66 and 8 months, which I’ll reach in September 2024. I’m still working 3 days a week. I want to cash in my 401K and want to know if I have to…
Prepared for Higher Healthcare Costs in Retirement?
Retirement planning usually focuses a lot on maximizing monthly income and that, of course, is totally appropriate. Logically, the more income we have in retirement, they more comfortable we’ll generally be. But part of that whole retirement planning exercise is…
Regret Claiming Social Security? Here’s what you can do
Deciding when to claim Social Security can be a daunting exercise and, far too often, the complexity of that decision leads to just throwing up your hands up and applying, without fully understanding the consequences of doing so. Then, a…
Social Security is Unique for those who are Married
Social Security can sometimes seem like a maze, with thousands of individual rules to cover every possible personal situation. That maze is especially complex for married couples, because choosing when two people should claim is naturally more difficult than for…
In a Sea of Red Ink, should Congress Seek Fiscal Reform?
With the national debt now exceeding $33 Trillion, and Social Security and Medicare facing insolvency in less than a decade, it’s hard for the average American to understand why anyone would oppose Congress seeking ways to restore fiscal stability. Then…
Why do the Rich get a Bigger Social Security Payment?
“The rich get richer” is somewhat of a common lament by those not enjoying financial freedom, which likely includes most of those collecting Social Security benefits. Indeed, a majority of Social Security beneficiaries say they rely on their SS benefit…
Insufficient retirement savings affects all of us
One of the biggest fears for retirees and pre-retirees is: “outliving my savings.” Why is this the biggest fear? Many Americans working do not have access to an employer-sponsored retirement savings account. However, 15 states have implemented automatic savings programs…
The Social Security earnings test
You can start your Social Security retirement benefits at 62 but at a reduced rate. According to statistics released by the Social Security Administration, almost 30 percent of Americans eligible for Social Security begin to receive their benefits at 62.…
Predictions for 2025 COLA
Although the 2025 Social Security cost-of-living adjustment announcement is not until mid-October of this year, experts are already predicting it could be the lowest since 2020. Mary Johnson, Social Security and Medicare policy analyst for the Senior Citizens League, stated,…