Social Security
Is Gen X the broke generation?
In a recent survey of individuals born between 1965 and 1980, Gen Xers found 56 percent of them said they have less than $100,000 saved for retirement, and 22 percent said they have no retirement savings. Almost two-thirds of the…
How is Social Security taxed
If you feel inflation has eroded your Social Security benefits, you are not mistaken, but that is not the only reason. Although the government will regularly adjust many things for inflation, one thing they have not since 1984; is the…
Important milestones to remember while retirement planning
There is no strict retirement age in the United States; however, there is one to begin collecting your Social Security benefits. You can start your Social Security retirement benefits as early as age 62; however, you are entitled to full…
Social Security mistakes you’ll want to avoid
Social Security can be confusing; however, it is a program that addresses many situations. There are high-income workers and low-income workers, early retirees, and late ones. Plus, there are children, spouses, ex-spouses, and widows and widowers to consider. So, it…
How scammers try to steal your Social Security Number
Do you know what is one of the fastest-growing crimes in America? Correct its identity theft, topping the list of consumer fraud reports filed with the FTC and other enforcement agencies. Your Social Security number is your identity. According to…
More households overestimating their retirement readiness
A new report from the Center for Retirement Research at Boston College found “more than 25 percent of US households think they are on track to maintain their standard of living in retirement, but many are at risk of falling…
Things you can do to ensure you get your maximum Social Security benefit
The Social Security Trust Fund reserves are estimated to become depleted in 2033; at that time, Social Security income would be sufficient to pay 77 percent of scheduled benefits. Of course, the government can step in before 2033 and correct…
What is the latest estimate on 2024 COLA
The Department of Labor released The Consumer Price Index for All Urban Consumers (CPI-U) numbers for May 2023, with inflation falling to 4%; this was the smallest 12-month increase since the period ending March 2021. So, what will this mean…
How to achieve more than the average benefit amount
Social Security beneficiaries, 37 percent of men and 42 percent of women, receive 50 percent or more of their income from Social Security. Also, among the elderly Social Security beneficiaries, 12 percent of men and 15 percent of women rely…
How to fix Social Security before benefits are cut
Many Americans think since Congress resolved the debt limit crisis by suspending it until 2025, all is well with the federal funding of government programs. That is not the case. For the past thirteen years, the Social Security program has…