Social Security
Why you may want to claim your Social Security benefits early
You can start receiving Social Security benefits as early as age 62 or any time after that. The longer you wait, the higher your monthly benefit will be, although it stops increasing at age 70. Your monthly benefits will be…
A call for “common sense” reforms to Social Security
Former vice president Mike Pence, a likely 2024 presidential contender, is advocating for “common sense reforms” to Social Security and Medicare. Speaking to university students, “if we act in this moment with the support of this generation, we can introduce…
Next-year’s COLA may be lower
Recent data shows spending among older Americans has increased. This increase in spending may be due to this year’s historic cost-of-living increase, the largest in almost four decades. However, while older Americans may have received a hefty cost-of-living increase, that…
Is there a reasonable solution to Social Security woes?
Social Security Trust Fund will be able to pay scheduled benefits on a timely basis until 2034, according to the latest report. At that time, the reserves will become depleted. Continuing tax income will be sufficient to pay 77 percent…
How will the banking crisis affect Social Security funding
According to the 2022 report from the Social Security trustees, the trust funds will run out of money by 2035; however, the Congressional Budget Office projects insolvency could come even sooner. A bipartisan group of U.S. senators is working on…
Social Security benefits may not increase as much next year
Approximately 70 million Americans–Social Security and Supplemental Security Income (SSI) beneficiaries–saw an increase of 8.7 percent in their monthly benefits in 2023. According to new research from the Bank of American Institute, the cost-of-living adjustment for 2023 was one of…
Did you receive an overpayment notice from the Social Security?
Yes, the Social Security Administration does make mistakes. How does this happen? There are a few reasons, but usually, the overpayments occur due to an individual not notifying Social Security of changes happening in their life. So how does Social…
Ask Rusty – Widow Stung by Social Security’s “Claw Back” Rule
Dear Rusty: My husband of 48 years died on December 30th, and he received a Social Security direct deposit for December’s benefits in early January, but Social Security demanded the bank return his December payment. I used part of his…
What you need to know about retirement ages in the US
Your age matters when it comes to Social Security benefits. You can start receiving your Social Security retirement benefits as early as age 62; however, you are entitled to full benefits when you reach your full retirement age. If you…
Three ways to supplement your retirement savings
Millions of Americans face the reality of spending their senior years in straitened circumstances, struggling to make ends meet. However, if you are one of those individuals who are low on retirement savings, all is not lost. Maurie Backman explains…