Social Security
Replacement rates
You may have heard financial experts use the words- replacement rates -but what does that mean? Replacement rates are common and useful tools by which individuals and policy analysts plan for retirement by assessing the sufficiency of Social Security benefits…
Want more money from Social Security?
Your full retirement age varies based on the year you were born. Also, the amount you would receive at your full retirement age- based on your lifetime earnings. However, the amount you are entitled to each month depends on when…
Make sure your expectations of Social Security are realistic
We all dream of what we will do in retirement, maybe work on your golf game or see faraway family members, but are you prepared for it? Do you know what your Social Security will be? Not just talking about…
Could hurricanes play important role in the 2024 COLA?
How will the heightened hurricane activity this season affect the 2024 Social Security cost-of-living- adjustment? Some experts are expectorating on how the storms will impact supply shortages and price increases. Gas prices contribute to the inflation index used for calculating…
The odds of approval of your SSDI application varied greatly by state
After you file your SSDI claim, it usually takes three to five months to decide. The time will depend on how much evidence you provide with your application. Three to five months is just the average; it can take longer…
You might be doing better than you think
Social Security benefits are supposed to replace around 40 percent of the income you earned while you were working. As of June 2023, the average check is $1,701.62, according to the Social Security Administration – but that amount can differ…
Ask Rusty – I’m 64. When Should I Claim My Social Security?
Dear Rusty: I am 64 years old and still working full time. My question is – when should I start my Social Security? I would like to start it in January 2024 and go part time at work, but would…
You’ll need more than just Social Security to retire comfortably
The Social Security Administration has found among elderly Social Security beneficiaries, 12 percent of men and 15 percent of women rely on Social Security for 90 percent or more of their income. Social Security alone is not enough to retire…
These potential adjustments to the Social Security program may not seem wonderful
Heraclitus said, “Change is the only constant in life.” It may also be true about Social Security. If changes do not happen to the program, Social Security would be able to pay about 80 percent of the benefits to which…
COLA Countdown: Bracing for A Drop-off from the Past Two Years
We’re about a month and a half away from the official announcement of 2024’s Social Security cost-of-living adjustment (COLA), and the airwaves have come alive with commentary about what is expected to be a substantial reduction from the 2022 (5.9%)…