Social Security
A Helpful “Cheat Sheet” on Key Points Current and Future Social Security Beneficiaries Need to Understand
It’s a new Social Security year, and it’s a new tax season, so most folks have a lot on their mind regarding their financial details. It can be confusing, so the folks at CNET have offered some guidance via a…
Saving for Retirement: Here are Some Thoughts to Help You
Social Security benefits are not designed to completely replace pre-retirement income levels. Everybody generally knows that, but how many are aware that the replacement rate is really around 40% or less? As a result of this reality, it becomes essential…
Another Vote Against Claiming Benefits at Age 62
Statistically speaking, you’re a rare case if you wait until age 70 to begin drawing your Social Security benefit. As many (most?) financial advisors suggest, you’re also a savvy planner, since your monthly benefit will be maximized–fully 24% greater than…
Will the debt ceiling affect your finances?
What is the debt ceiling? The debt ceiling is the maximum amount the federal government is able to borrow to finance obligations that lawmakers and presidents have already approved. What happens if the United States defaults on its debt? U.S…
What’s good for you may not be good for your spouse
About 40 percent of older Americans rely solely on Social Security income during retirement. So, there is a good chance either you or your spouse will fall into this category. That is why it is so important to focus on…
What if Congress does not raise the debt ceiling?
The U.S. is reaching the national debt limit on Thursday, January 19, 2023. Unless Congress increases the debt limit, the United States will have to pay its bills late and could default on its debt which has never happened. According…
Washington has some big ideas for how to fix the Social Security problem
The Social Security program was never intended to be the sole source of income for American workers in their retirement. However, according to the Social Security Administration, more than 50% of seniors aged 65 and above rely on Social Security…
Should you claim Social Security at 65?
Full retirement age is when you become eligible for unreduced Social Security retirement benefits. Your full retirement age is determined by the year and month you were born. The retirement age gradually increases by a few months for every birth…
The average Social Security benefit in 2023
The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries this month. The 2023 COLA is one of the largest since 1981 when benefits rose by 11.2 percent. The average Social…
Keep your COLA letter in a safe place
You should have received a letter from Social Security Administration concerning your new 2023 Social Security benefit amount, which increased by 8.7 percent in January. Do not throw out or lose that letter. Why? You may need it for several…